The ultimate goal of any family business is to create a legacy for future generation. To achieve this, family firms strive to ensure that the wealth they generate (or inherit) grows on a solid financial foundation for the benefit of their descendants. But there’s more to it than that. Even more important is their ability […]
Family or firm: which comes first in family business?
This isn’t a very useful question in my view. It’s one that can lead us down the wrong path and even to erroneous decisions that generate conflicts that could have been easily avoided. It reminds me of another inane question that I’ve seen adults pose to young children: Who do you love more, Mom or […]
10 reasons why we need family businesses
Family-owned firms play a vital role in the global economy, an undisputed and internationally recognized fact. Going a step further, I would like to highlight 10 ways in which family firms positively impact the world based on my firsthand observations of how they operate and confront challenges. 1 – They drive and sustain employment I’m […]
Shared vision: it’s not just sticking together, it’s thinking together
Among the core characteristics of family-owned businesses is the desire to leave a legacy for future generations. To achieve this objective, the owner family must share a long-term vision and the resolve to ensure the firm’s continuity. In the firm’s initial stages, cultivating this commitment is relatively straightforward, since the founder is on the front […]