"Is there a more difficult type of business to run and preserve? Experience and research say that there’s not. While the odds that a family-founded business will make it beyond the first generation get increasingly longer, there is a well-proven set of management levers that can be operated to maximize the odds that the family business will survive and thrive."
Building, preserving, and passing along a family-owned business (FOB) is an alluring and prevalent dream in most all capitalist economies. The benefits of FOBs are striking and many—for the family, for their employees and their local community, and for the marketplace.
There are days, though, when it’s all too easy to forget about the many sources of gratification in growing your family's business. The very nature of FOBs tends to encourage a focus on day-to-day tactics at the expense of systematic and disciplined planning of a clear business strategy. Instilling future generations with the right leadership competencies and scrutinizing organizational effectiveness seem like luxuries only more established companies can afford.
Your challenge is to maintain the "just do it" culture that got your FOB this far while learning to step back to gain perspective on the company's future. Careful strategic planning involves formalizing your family's dreams into your company's reason for being (Mission), its ideal future state (Vision), and its guiding principles (Core Values). It also involves facilitating effective strategy execution to guide your next several years. Making sure future generations have the appropriate leadership competencies is your FOB's insurance policy; simply being part of the family is not enough. All of these components, combined with the family's history, will yield valuable insight into what will optimize organzational effectiveness.
And you can continue to enjoy the many unique benefits of leading a successful family business:
We like the 25-year track record as the strategy consultant helping family-owned businesses realize their potential. If we can assist yours, we’d like to.
Advance Your Leadership. Advance Your Business Strategy.
Call us to discuss how we can help you and your organization: (610) 975-9110