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:
“We talked about and that has always been a puzzle to me
why American men think that success is everything
when they know that eighty percent of them are not
going to succeed more than to just keep going and why
if they are not why do they not keep on being
interested in the things that interested them when
they were college men and why American men different
from English men do not get more interesting as they
get older.”
—Gertrude Stein (1874–1946)
“I am from time to time congratulating myself on my general want of success as a lecturer; apparent want of success, but is it not a real triumph? I do my work clean as I go along, and they will not be likely to want me anywhere again. So there is no danger of my repeating myself, and getting to a barrel of sermons, which you must upset, and begin again with.”
—Henry David Thoreau (1817–1862)
“I would be glad to worship success if I could find her.”
—Mason Cooley (b. 1927)