The Family Business

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The growth agenda poses a significant challenge for even the most entrepreneurial family businesses. And this is why well thought out succession planning is even more important. Read more on family planning. Daily wager struggles to save baby girl from deadly disease. What is 'investor inertia' and how it can waste your wealth. How to achieve financial independence in six solid steps. Time to switch from IT to pharma: Sebi has rights to regulate auditors for activities under its regulations: My Saved Articles Sign in Sign up.

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We have arranged high quality cover and provided intelligen The Copas Partnership is a family-run business, based in Cookham in the heart of the Thames Valley, where the family can be traced back to Hypnos is a family firm with a reputation for making the most comfortable beds in the world Read More. The most intractable family business issues are not the business problems the organisation faces, but the emotional issues that compound them.

Family business

Many years of achievement through generations can be destroyed by the next, if the family fails to address the psychological issues they face. Applying psychodynamic concepts will help to explain behaviour and will enable the family to prepare for life cycle transitions and other issues that may arise. Family-run organisations need a new understanding and a broader perspective on the human dynamics of family firms with two complementary frameworks, psychodynamic and family systematic. When the family business is basically owned and operated by one person, that person usually does the necessary balancing automatically.

For example, the founder may decide the business needs to build a new plant and take less money out of the business for a period so the business can accumulate cash needed to expand. In making this decision, the founder is balancing his personal interests taking cash out with the needs of the business expansion. When the second generation sibling partnership is in control, the decision making becomes more consultative. When the larger third generation cousin consortium is in control, the decision making becomes more consensual, the family members often take a vote.

In this manner, the decision making throughout generations becomes more rational. The assets that are owned by the family, in most family businesses, are hard to separate from the assets that belong to the business. Balancing competing interests often become difficult in three situations. The first situation is when the founder wants to change the nature of their involvement in the business.

Usually the founder begins this transition by involving others to manage the business.

The Family Business () - IMDb

Involving someone else to manage the company requires the founder to be more conscious and formal in balancing personal interests with the interests of the business because they can no longer do this alignment automatically—someone else is involved. The second situation is when more than one person owns the business and no single person has the power and support of the other owners to determine collective interests. For example, if a founder intends to transfer ownership in the family business to their four children, two of whom work in the business, how do they balance these unequal differences?

The four siblings need a system to do this themselves when the founder is no longer involved.

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The third situation is when there are multiple owners and some or all of the owners are not in management. Given the situation above, there is a higher chance that the interests of the two off-spring not employed in the family business may be different from the interests of the two who are employed in the business.

Their potential for differences does not mean that the interests cannot be aligned, it just means that there is a greater need for the four owners to have a system in place that differences can be identified and balanced. There appear to be two main factors affecting the development of family business and succession process: Potential successors who had professional experience outside the family business may decide to leave the firm to found a new one, either with or without the support of the family.

Instead, successors tend to be characterized by professional experience only within the family business. The education of potential successors is a critical issue in the succession process because it affects the endowement of managerial capabilities of the firm. One of the largest trends in family business is the number of women who are taking over their family firms. In the past, succession was reserved for the first-born son, then it moved on to any male heir.

Now, women account for approx. Daughters are now considered to be one of the most underutilized resources in family businesses. To encourage the next generation of women to be valuable members of the business, potential female successors should be nurtured by assimilation into the family firm, mentoring, sharing of important tacit knowledge and having positive role models within the business. Family-owned companies present special challenges to those who run them.

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They can be quirky, developing unique cultures and procedures as they grow and mature. That is fine, as long as they continue to be managed by people who are steeped in the traditions, or at least able to adapt to them. Often family members can benefit from involving more than one professional advisor, each having the particular skill set needed by the family.

Some of the skill sets that might be needed include communication, conflict resolution , family systems, finance, legal, accounting, insurance, investing, leadership development, management development, and strategic planning. Ownership in a family business will also show maturity of the business. If all the shares rest with one individual, a family business is still in its infant stage, even if the revenue is strong.