Success
Successfully balancing the differing interests of family members and/or the interests of one or more family members on the one hand and the interests of the business on the other hand require the people involved to have the competencies, character and commitment to do this work.
Family-owned companies present special challenges to those who run them. The reason? They can be quirky, developing unique cultures and procedures as they grow and mature. That's 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.
Read more about this topic: Family Business
Famous quotes containing the word success:
“By his very success in inventing labor-saving devices, modern man has manufactured an abyss of boredom that only the privileged classes in earlier civilizations have ever fathomed.”
—Lewis Mumford (1895–1990)
“The common idea that success spoils people by making them vain, egotistic, and self-complacent is erroneous; on the contrary, it makes them, for the most part, humble, tolerant, and kind. Failure makes people cruel and bitter.”
—W. Somerset Maugham (1874–1965)
“Priests and physicians should never look one another in the face. They have no common ground, nor is there any to mediate between them. When the one comes, the other goes. They could not come together without laughter, or a significant silence, for the one’s profession is a satire on the other’s, and either’s success would be the other’s failure.”
—Henry David Thoreau (1817–1862)