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.
Josh Baron, author of the Harvard Business Review Family Business Handbook, and co-founder of BanyanGlobal, presents family business governance using the Four Room Model.
Revenues, profits, a strong balance sheet: measuring success is important to all businesses. But, are there other important measurements in a family-owned business? Find out what the key metrics are for successful, generational family businesses.
Core values are what drive our daily decisions. From how we interact with others to the causes we support, everyone is motivated differently. This can also be the case for businesses.
If small businesses are credited as the engine of the U.S. economy, family-owned businesses generate the power. According to the U.S. Census Bureau, approximately 90 percent of American businesses are family-owned or controlled.
Growth is critical for businesses that want to gain traction and become a dominant business in their industry. For family-owned businesses focused on longevity and multi-generational leadership, recognizing the warning signs and handling them appropriately can help ensure healthy growth in the future.
For family businesses, legacy can mean the succession of business and family assets from one generation to the next. In fact, Merriam-Webster defines “legacy” as: a gift by will, especially of money or other personal property, and/or something transmitted by or received from an ancestor or predecessor or from the past.