and are still talking to each other.
Research continues to highlight qualities that contribute to family business resilience. Many non-family entities are starting to mimic key behaviours such as frugality in good times and bad, judiciousness in capital expenditure and carrying little debt.
Successful family businesses, typically:
- Understand the importance of professionalizing the family business through the introduction of family governance initiatives that are appropriate to the needs of the ever changing business and family
- Champion the introduction of initiatives that maintain transparency
- Distinguish between what is a family matter and what is a business matter
- Are vigilant monitors of the overall condition of the business and the well-being of the family
- Understand that some things are inevitable and discuss these openly
- Appreciate the reasons why succession is challenging
- Facilitate next generation aspirants’ understanding of the rights and responsibilities of leadership
- Consider a role in the business as more than a job, more than a career.