Family business realities
Long established family businesses have a great deal going for them. There is loyalty – the idea that blood is thicker than water; there is family unity; looking to see whether succeeding generations could play a part.Usually there is the impact on the community – this sort of business is often the mainstay of the local economy, especially if we are talking about a rural family business.
As usual, we always need to look at both sides of the coin. On the flip side, family businesses are sometimes inward looking, wrapped up in long standing rivalries. Shareholdings and succession issues are often taboo subjects, frequently major but unresolved topics.
The business has invariably been built upon making the product and / or delivering the service; there is often great expertise to be found in operational competence. The thing that ALWAYS gets neglected and even ignored completely, is the people bit. The global knowledge economy is a very unforgiving place. In this world it is only people and relationships that can consistently deliver excellence for customers, irrespective of what has happened in previous generations.
Eventually, the traditional family business is faced with the inevitable. Carry on as we are, with the same, usually poorly qualified, poorly trained family members doing more or less what they have always done, or bring in new blood at the top and face risk and uncertainty.
There is only one choice and you fudge it at your peril.
posted by Tim @ 1:36 PM
1 Comments:
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