Family firms enjoy unique advantages – long-term stability, trust, loyalty and shared values. But they also come with their own set of unique challenges. Reluctance to hire executives from outside the family can be a significant growth constraint. If the goal of most family businesses is to create opportunity for succeeding generation, the best way to do so is to professionalize the family firm, align leadership with ownership, and run it according to business best practices. Putting the good of the company first offers the best chance for both a very successful business and family harmony.
Listen to Dennis as he discusses the reasons why family owned businesses tend to underperform compared to non-family, multi-owner systems and what steps you can take to ensure business continuity and prosperity.
We look forward to your thoughts and comments.
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Nice job Dennis! Good info and insight. Cheers!
Great job explaining the dynamics of a family business. I thought this was a great message. Hard hitting and very necessary to be stated!
Thanks, Josh!
Just listened to your blog, you nailed it. I have watched multiple companies from afar. Those that opened up and shared with their brightest and best have always done the best. Those that keep it very tight in the family, might do okay but seem to have lower results than their competitors that recruite and grow opportunity for the best regardless of family ties. I am speaking from results.
How are you liking retirement, Alan??