There are many advantages and disadvantages to having a family business. The key is to understand and capitalize on the positives like: speed of decision making; solidarity; being a true team; having a legacy for future family members; authenticity; trust; and sometimes control.
Additionally, families may be primarily there to provide emotional income, and can utilize the structure of the business to protect and improve that emotional income. The business may be there to provide a living for the employees and their families while providing an important service/product for the customers, and can use more love to make it more sustainable and more productive.
Our observations of what is needed more and what actually works include:
If your organization needs help moving your family business to the next level to ensure its legacy, contact our expert guides by calling 800-786-4332, or email JSabatini@AppliedVisionWorks.com. Success is in plain sight and only takes 30 minutes to get started!