Many family business owners express the view that they don’t have the time to plan for the next couple of months, much less for the next two or three years.
Preserving hard-earned assets is an important consideration for business owners who successfully build an operating business. The decision to take assets out of the business seems risky to many business owners who are accustomed to being in direct control of their assets.
Increasingly it is recognised that gaining competitive advantage requires a strategic approach to managing an organization.
The last decade has revealed an emerging trend among medium-sized and some smaller family businesses towards outsourcing business activities, particularly functions such as information technology, human resource management, accounting, and internal audit.
For the family-owned enterprise, good governance makes a significant difference to the way they operate.
Family owned enterprises are more often subject to dominant individuals who play a significant role in the power transference process than non-family owned firms. Indeed, without the existence of dominant individuals influencing the dynamics of the family business, the chances of some family firms surviving are significantly diminished.
Family business critical success factors - developing a checklist for success.
In his book entitled “Painfully Rich – J. Paul Getty and his heirs.” Author John Pearson interviews Mark Getty, the son of J. Paul Getty II. Mark provides a fascinating description of what a family business can be when the right conditions prevail. The following are some excerpts which provide an eloquent and insightful perspective on the advantages of family businesses.
Because of the well known ambivalence to succession planning in the family business it may, at times, be preferable to approach the exercise as part of an overall strategic business planning or business continuity planning process in which owner-mangers can see some immediate benefits.
What are your answers to these questions?
This article explores some of the issues and explains some of the funding options taken by family business owners.
It is frequently assumed that business owners primarily operate on the assumption of profit maximisation. In fact, business owners as well as farm owners possess numerous goals, and some of these are non-pecuniary.
Using systems, genograms, eco-maps, family photographs and story telling to understand the family business.
A buy-sell agreement is an arrangement or contract between family business shareholders or beneficiaries that specifies certain ownership rights among owners of family business shares or partnership interests.
How can Advisory Boards and Boards of Directors assist family business?
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