Published on Thu, Sep 14, 2006 at 18:48 | Source : Moneycontrol.com
Updated at Mon, Sep 18, 2006 at 12:31
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Families in Business
Business family members face unique challenges, such as nurturing effective family work and shareholder relationships, addressing succession issues, and maintaining ownership control.
Family businesses are a major force, and are among the most vibrant competitors in today's marketplace. While family-owned companies have enviable strengths-long-term relationships, a reputation for quality work, aggressive reinvestment, and high stakeholder loyalty-they also can be hindered by traditional practices, internal politics, and family conflicts. In a business environment characterized by new players and intensified competition, running a family company has become increasingly complex.
Business family members face unique challenges, such as nurturing effective family work and shareholder relationships, addressing succession issues, and maintaining ownership control. These tasks require sensitive leadership and thoughtful planning by the business, family, and ownership groups.
A family can contribute greatly to the success of its business-and vice versa-when the family follows a discipline mapped out by successful families in businesses from around the world. These management practices are at the heart of Harvard Business School's Families in Business: From Generation to Generation program.
Family businesses are a major force, and are among the most vibrant competitors in today's marketplace. While family-owned companies have enviable strengths-long-term relationships, a reputation for quality work, aggressive reinvestment, and high stakeholder loyalty-they also can be hindered by traditional practices, internal politics, and family conflicts. In a business environment characterized by new players and intensified competition, running a family company has become increasingly complex.
