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. I can help.