Successful Family Owned Business Survival Mentoring | Belfast | Familosophy
Purpose in Family Business
Family businesses have both pros and negatives; our objective should be to maximize the positives while mitigating the negatives. One significant characteristic of family enterprises is their capacity to embody a sense of purpose.
The business founder's initial objective may have been wealth creation. However, when the firm grows and new family members join, this provides an opportunity for the family to debate and explain their collective values and purpose, and then incorporate them into the family business.
Profitability and purpose are not mutually exclusive; profitability must drive purpose. It also does not have to be political. While early thinking held that the corporation's mission was to "maximize shareholder wealth," this has since expanded to encompass "stakeholders" such as employees and society at large.
This can be difficult for many businesses. However, a business controlled by a small group of people tied by familial ties is better equipped to express their purpose and to have a long-term view of how they manage and administer the organization. Thus, the firm serves as a component of the family's "social capital," assisting it in achieving the family's greater objective.
Consider the Following: How much of your family business is "values-driven"? Have you and your family discussed and examined your common goal? and how this translates into your family's financial allocation (both operating and non-operating assets)?
Are you looking for advice on how to make your family business in Belfast operate better? David Werdiger is the number one choice when it comes to Belfast family owned business protocol help. Mr. Werdiger is helping hundreds of family owned businesses pass the torch using his famous Belfast Familosophy techniques
His market is two-fold:
Scenario #1: The older generation wanting to work with the younger generation, bring them into the company, teach them how to run things, and then retire from the office, but not the income
Scenario #2: The younger generation wanting to jump into the family business, but to be able to contribute and be heard, and not having to “wait their turn” before they can begin to help run the business.
Looking for great advice for your family-owned and family-run business? Find out how David Werdiger’s Familosophy Newsletter can help answer your questions and guide you through turbulent times. To subscribe go to https://www.transitionbook.co/transition-membership-sign-in
Visit David’s Website at: https://davidwerdiger.com/ or his GMB site at: https://goo.gl/maps/YiKUeBhXzapPAYyP6