Family and Business Integration

Family businesses measure success, not in quarters, not in years, but in generations. Those that have been successful through multiple generations enjoy a number of unique competitive advantages over non-family privately held businesses.

For example they benefit from having:

  • A legacy
  • Nature plus nurture – As the kids grow up they acquire the family’s cumulative
  • knowledge about the business and industry
  • Consumer trust in a family name
  • Long-term commitment of family members to the business
  • Access to capital
  • Career opportunities

Family businesses also face a number of challenges. Among these are:

  • Creating policies for the entry of future generations into the business.
  • Instituting succession planning that supports the business as well as the family
  • Mitigating sibling rivalry
  • Building and managing relationships between family and non-family managers
  • Creating early training opportunities for family members
  • Undertaking performance-based reviews with family members
  • Promoting family and non-family employees equally, based on merit.
  • Balancing management with sentiments
  • Maintaining clear boundaries between business and family

The Growth Team has extensive experience, knowledge and expertise in second, third and fourth generation family business management. Starting with our proprietary family-business assessment, we help our clients develop best management practices and maintain harmony in the family across generations.

To read more about the kinds of issues that family businesses seek us out, click here