As a Family Owned Business, your company is as unique as your family, no two family-owned businesses are the same. There are, however, unique challenges that are common to businesses like yours. Here are just a few:
- Family problems – let’s just say issues of “interpersonal dynamics”
- Informal culture & structure – can be both a strength and a weakness
- Pressure to hire family members – as opposed to the best person for the job
- High turnover of non-family employees – often issues of culture and dynamics
- Avoidance to change – things done because they have ALWAYS been done that way
- Lack of a succession plan – we always want to think they will always be around
- Exit strategy – failing to plan ahead to maximize the value of the business
Now, add the inherent challenges of operating and hopefully scaling your business.
This can be a huge task, one that many Family-Owned Business leaders aren’t prepared to face. We are here to serve you. Look at our FREE Resources page. Many visitors find the Value Builder Score and The Owners Metric eBook of great value. Let’s connect!