There are many factors that contribute to the overall success of a family business, but there are two critical components that impact the long-term direction and the long-term viability of a family business. These two are: Common Goals and Shared Values.
Should Family Members Work for Family Business? Answering Two Critical Questions
Are Values Overrated?
If you’ve ever attended a leadership seminar or a team development workshop, values were most likely discussed as key component of building an effective organization.
Most businesses spend hours or even days strategizing over values, posting them all over the office and laminating value cards for all the employees. But are values, in and of themselves, all they are cracked up to be?
3 Key Components for a Successful Family Business Succession Plan
Is Business Success Really that Important?
Business, in its various forms, has been an essential part of societies since the beginning of mankind.
Today, over 50% of U.S. GDP is generated by family businesses. Some data suggests that it’s even as high as 64%.