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.
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.
The article, “Understanding What Success Means in Family Firms,” originally published on FFI Practitioner, describes how the author defines and measures success in family firms. Chris Casey also explains why he feels gap analysis can be a useful tool for family firm advisors.
To stay apprised of the specific needs and challenges of family businesses, we again commissioned the expert assistance of market research firm MacKenzie Corporation, a second-generation family business in Orange County, California, to conduct our 2024 Family Business Survey. Read more about three optimistic findings from this year's results.
Josh Baron, Senior Lecturer, Harvard Business School and Co-Founder, BanyanGlobal, explores what it means to define success in a family business. Watch Baron's presentation and his discussion with family business owners on navigating strategy and metrics to define success.
Hosted by the First Bank Center for Family-Owned Businesses, John K. Murphy, guest speaker and president of JK Murphy Advisors, discusses why understanding the value of your business, even if you have no intentions to sell, is imperative. Murphy shares tools on how to understand the value of your family business, especially when it comes to how your competitors and industry experts see your business. In this session, you will explore your strengths, weaknesses, and opportunities to improve.
Dennis T. Jaffe, PhD, Senior Research Fellow at BanyanGlobal Family Business Advisors, acclaimed workshop leader, speaker, and author, shares common traits, actions, and philosophies of family enterprises around the world that are 100 years old or older.