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.
At First Bank, we celebrate like-minded, family-owned businesses that have survived and thrived through multiple generations of change. Now, in its fourth generation, First Bank has also done just that.
Each generation brings different thoughts and skillsets to the proverbial table and, unfortunately, these don’t always align. Nearly every family has its fair share of issues that has caused rifts and ripples between family members. In some cases, these disputes can go on for months, or even years, over perceived hurts.
The First Bank Center for Family-Owned Businesses held a webinar on December 14, 2021, discussing the challenges that next generation business leaders face.
Engaging the next generation in the family business requires more than communicating with them about the business. It requires learning and understanding what is needed in order to bring value to the company.
A critical aspect of the longevity of a family business is selecting and preparing the next-generation leader.