HOW TO AVOID THE PITFALLS OF FAMILY BUSINESSES
3 TIPS FOR FAMILY BUSINESS SUCCESS
According to the SC Johnson College of Business, less than 13% of U.S. family- owned businesses survive the second generation of ownership. By contrast, the family-run company Kongo Gumi holds the record of being traded on the world markets for over 14 centuries. Of course, many other family-based com- panies have also had great success, such as the Molson
Brewery, a family business formed in 1786, based here in my hometown of Montreal, Canada. third-generation entrepreneur, I can testify to how challenging it is to run and scale up a family-owned and operated business. In this article, we will go over some of the typical obstacles and some tips on how you can overcome them. As a
We've all heard the comment, "I'll never go into business with family!" that's very odd because, according to the consulting firm McKinsey, in 2014, family-controlled firms made up 19% of the companies on the FortuneGlobal 500 list. So how did these family-owned and operated companies make it when so many others failed? Family Dynamics The key, says Denise P. Federer, Ph.D. (founder & owner of Federer Performance Management), is to know when to seek professional help and to apply the counsel given. But, unfortunately, "therein lies the rub," as the bard would put it.
mind, that disorganized and lazy 13-year- old kid brother from the 30-year-old director of production. So what to do about it? As promised, here are three common challenges family-owned businesses face & tips for dealing with them.
Because of deep-seated family dynamics, it becomes hard to separate, in your
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