Sometimes Families Break Up Their Business #succession
Families are families and, as they grow, sometimes they have a difference of opinion as to which way the business should go. This is not necessarily the end of the family business and may, in fact, seed new growth.
Active Knowledge Question:
Have you structured your business into separate business units, which will allow each to set its own path?
It’s far more common than one may expect that across generations family businesses divide, set new paths, are re-acquired, form alliances and sometimes (unfortunately) never talk to each other again.
As families grow and children enter the family business there will always be competing needs and desires. It is not always possible, nor sensible, to try and force everyone to remain under the one business structure.
The goal is always enabling the compounding of wealth from generation to generation while ensuring family unity, individual growth and a sense of contribution. In whatever form the business is passed over, it should always be geared towards supporting unity, growth and contribution, as these are the foundations of compounding.
The key is always to look to the future and structure your business in a way which supports adaptability and flexibility in control and management. In this way, the options are always there.
An entirely new level of performance.
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All the best in the success of your business,
Richard Shrapnel