Success
Successfully balancing the differing interests of family members and/or the interests of one or more family members on the one hand and the interests of the business on the other hand require the people involved to have the competencies, character and commitment to do this work.
Family-owned companies present special challenges to those who run them. The reason? They can be quirky, developing unique cultures and procedures as they grow and mature. That's fine, as long as they continue to be managed by people who are steeped in the traditions, or at least able to adapt to them.
Often family members can benefit from involving more than one professional advisor, each having the particular skill set needed by the family. Some of the skill sets that might be needed include communication, conflict resolution, family systems, finance, legal, accounting, insurance, investing, leadership development, management development, and strategic planning.
Ownership in a family business will also show maturity of the business. If all the shares rest with one individual, a family business is still in its infant stage, even if the revenue is strong.
Read more about this topic: Family Business
Famous quotes containing the word success:
“... the selfishness that is bred of great success is our shame. We have subdued the wilderness and made it ours. We have conquered the earth and the richness thereof. We have indelibly stamped upon its face the seal of our dominating will. Now, unlike Alexander sighing for more worlds to conquer, we should address ourselves to adding beauty to that glory and grandeur.”
—Alice Foote MacDougall (1867–1945)
“Success is the space one occupies in the newspaper. Success is one day’s insolence.”
—Elias Canetti (b. 1905)
“Men of extraordinary success, in their honest moments, have always sung, “Not unto us, not unto us.” According to the faith of their times, they have built altars to Fortune, or to Destiny, or to St. Julian. Their success lay in their parallelism to the course of thought, which found in them an unobstructed channel; and the wonders of which they were the visible conductors seemed to their eye their deed.”
—Ralph Waldo Emerson (1803–1882)