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Review the 2024 Family Business Survey results and learn more about the integral insights and data gathered regarding family businesses.
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1 Success
How Does Your Family-Owned or Privately-Held Business Define Success?
For family and privately-held businesses, wealth generation is woven throughout their prosperity, legacy, and future. Recent insights reveal that for many of these businesses, not only does the pursuit of financial wealth define achievement, but also their legacy building. Let’s explore the strategies and considerations that support the continued growth of wealth within family businesses, while also exploring its significance to the family.
2 Culture
Sharing Leads to Caring: Personal Details Help Cement Coworker Relationships
Written by Suzanne Koziatek, Communications/Content Writer, WashU Olin Business School
Originally published on www.olin.wustl.edu, March 22, 2024The article, “Sharing Leads to Caring: Personal Details Help Cement Coworker Relationships,” written by Suzanne Koziatek, Communications/Content Writer, and originally published on www.olin.wustl.edu, shares the surprising findings from a recent study published in Organization Science on the macro view of learning personal information about colleagues.
3 Strategy
2024 Family Business Survey Findings: Expansion Into New Markets is a Highly-Ranked Strategy
In the dynamic landscape of family and privately-owned businesses, the pursuit of growth and expansion into new markets emerges as a pivotal strategy poised to shape their trajectory of success. Recent surveys have unveiled a resounding consensus among family business leaders: the imperative to explore untapped territories ranks among the top priorities for strategic evolution.
As we delve into the intricacies of market expansion, it becomes imperative to unravel the methodologies, stakeholders, and considerations that underpin this strategic endeavor.
1 Family Education
Preparing the Next Generation: Is it really necessary to work outside of the family firm?
Written by Isabel C. Botero
Originally published on generation6, August 29, 2024 The article, “Preparing the Next Generation: Is it really necessary to work outside of the family firm?”, originally published on generation6.com, the author discusses the typical advice of requiring next generation leaders to work outside of the family firm for external experience. Isabel Botero argues there is no data-substantiated evidence for this claim.
2 Transition Planning
Why Next-Gen Leadership Transitions Fail: Planning for a smooth succession in a business is a good idea. Trusting that plan? Even better.
Written by Denise Federer, Contributing columnist to the Business Observer
Originally published on Business Observer, March 16, 2023The article, “Why Next-Gen Leadership Transitions Fail,” originally published on www.businessobserverfl.com, describes how full buy-in and holistic commitment to a solid succession plan are essential for success. Denise Federer explains how trust, cooperation from all parties, and transparency will help ensure a smooth transition.
3 Mentorship
Ready to Mentor a Senior Colleague? A Roadmap for Reverse Mentoring
Written by Jill Young Miller, Research Translator, WashU Olin Business School
Originally published on www.olin.wustl.edu, August 30, 2023The article, “Ready to Mentor a Senior Colleague? A Roadmap for Reverse Mentoring,” written by Jill Young Miller, Research Translator, and originally published on www.olin.wustl.edu, discusses what reverse mentoring is as well as the pros and cons of mentoring colleagues in senior leadership roles.
1 Success
Research Reveals Claw-Back Bonus Schemes Can Lead to Big Losses
Written by Jill Young Miller, Research Translator, WashU Olin Business School
Originally published on www.olin.wustl.edu, June 26, 2024The article, “Research Reveals Claw-Back Bonus Schemes Can Lead to Big Losses,” written by Jill Young Miller, Research Translator, and originally published on www.olin.wustl.edu, debates the pros and cons of “loss-framed” bonuses, or those pre-paid to sales teams and then “clawed back” if targets aren’t met. The author discusses a large field experiment and the outcome.
2 Family Harmony
Thriving or Trapped in the Family Business
Written by Michael Klein, President, MK insights, LLC
Originally published on www.familybusiness.org, October 9, 2018; Updated on August 22, 2022The article, “Thriving or Trapped in the Family Business,” by Michael Klein, President, MK insights, LLC and originally published on www.familybusiness.org, suggests that the best thing family businesses can do for family members working in the business is to ensure individual growth and satisfaction is nurtured daily. The author also describes the best ways to minimize family business employment conflicts and issues.
3 Selling the Business
Is It Time to Sell the Family Business?
By Carol Hannigan and Omar Romman
Originally published on Family Business Magazine, November 27, 2023; BanyanGlobal The decision to sell a business can be difficult, especially when it’s a family business. How does a family business leader determine when it’s time to sell the family business and how can he or she best ensure a successful sale?
Family Business Management Solutions
Achieving long-term success as a family business demands the right tools. Let First Bank’s tailored family business solutions help your organization achieve success now and for generations to come.
Center for Family-Owned Businesses Family Business Survey
First Bank is committed to bolstering data and resources for family businesses. The Family Business Survey provides integral insights and data to help expand resources for family businesses. Learn more about the survey, 2024 results, and how you can be an important part of building resources for all family businesses.
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