The following are key issues for family-owned businesses
- Management, family and ownership interaction
- Crisis management and leadership
- It is hard to transition from one generation into the next
- One-person general management versus institutionalized management
- Remaining competitive across generations
Recommendation. It is recommended that the family company implement formal succession planning to address these issues. It should identify potential successors, develop their skills, experience and communicate the expectations, responsibilities, and timelines for leadership transition. You may want to improve the organization’s management by hiring external experts or setting up a board. This will ensure that the business runs in a sustainable, efficient way. The family must also consider how to manage the influence of relatives and the needs of business. This includes establishing clear roles, decision-making procedures, and defining clear roles.
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