Building a 100-Year Family Business
Successfully transitioning over a century
Sustaining a family enterprise across generations requires QUALITIES in action which enable them to RESPOND TO CHALLENGES that emerge in each generation. These qualities are necessary to MAINTAIN AN ENTREPRENEURIAL DRIVE for generations.
Seven qualities of a 100-year old family enterprise:
1) Shared purpose and value (not just about the money)
2) Family community across generations
3) Professionally marriage business and financial activities
4) Continual adaptation and resiliency
5) Free choice to remain partners
6) Active development of human capital
7) Commitment to give back to the community
How can you build a 100-year family business?
1) Respect your legacy and core values.
2) Continually adapt, innovate and change.
3) Value the development of your human ... View Morecapital.
4) Value the experiences and knowledge of generations to come.
5) Grow through communication and education.
6) Cultivate clear methods of decision-making or governance.