Exploring Family Business · 2020-10-01 · 41 min
In this episode, the importance of building a sustainable business and the competitive advantage a family business can bring to the table are discussed along with understanding the importance of non-family board members, bringing in the next generation and how to adapt and protect your business for the short and long term. Building a sustainable business 4m 30 There are three things to safeguard: company reputation, family and clients. There will be times when difficult decisions have to made in order to maintain the company’s future, however understanding how to be adaptable, putting it into practice and making those changes can pay off. Challenges with strategy and direction 9m 40 Having a family business can be a challenging thing in itself, therefore having both family and non- family members involved in decision making can be essential to ensure options are critiqued and analysed from different angles, so that the business benefits for the long term. Benefits of having a non-family member in a leader position 11m 25 It’s key to key communication channels open when having a non-family member.
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