Why are family businesses so slow at making decisions?

Decisions in a family business are made in the context of not just the business, but of the family relationships. Families are complex, emotional systems, so what can seem like straightforward business decisions are deeply affected by the history of the family relationships and the health or complexity of those relationships. That is why taking …

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IMF Economic Outlook October 2022

Yesterday the IMF issued its updated Economic Outlook. As anticipated it does not carry good news. In a nutshell the report outlines that the global economy continues to face steep challenges, shaped by the lingering effects of three powerful forces: the Russian invasion of Ukraine, a cost-of-living crisis caused by persistent and broadening inflation pressures, …

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Does your family business lack a sense of enterprising spirit?

Research after research indicate that there seems to be a constant decline in the enterprising spirit in family businesses, as these pass from one generation to the next (if they ever make it that far). One common explanation for this decrease stems from the idea that next generation members are coddled to the point that …

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Hard Times Ahead – Do not shoot the messenger in your family business!

Some of the longest standings businesses across the globe are family businesses. They are the the epitome of resilience. However just like any other business, family businesses need to deal with a volatile, uncertain and complex business environment, where the past success doesn’t guarantee future success. Once, someone I look up to taught me, that …

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Succession Planning in Family Business – Is it really merit based?

As a family business consultant I meet way too often family members that are given jobs, promotions and salaries that they would never have achieved hadn't they been family members in the first place. One of the most critical juncture and challenge facing any family businesses is how to treat the next generation. Most parents …

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