Keeping the entrepreneurial spirit in the family

Family Business Day @ Strategic Growth Forum, Palm Springs, US

While each family business is unique, those that are successful across generations have much in common. Take advantage of the collective experience of a number of entrepreneurial families and advisors to family businesses and listen to their insightful discussions during the special session: Family Businesses: are you built to last?, which took place at SGF Palm Springs on 13 November 2013. 

Keeping the entrepreneurial spirit in the family

Each family business — like each family — is different. That was evident in the diversity of approaches and opinions expressed by two generations of leaders from two successful family businesses: Ashley Fina, President (3rd generation) and George Fina, Chief Strategy Officer (2nd generation) of retailer Michael C. Fina, and John C. Mascaro, Chairman (1st generation) and John C. Mascaro Jr., President and CEO (2nd generation) Mascaro Construction Company, L.P.

Their insightful discussion covered topics as varied as transitioning leadership, defining ownership and leadership structures, convening boards of advisors, establishing core values, setting compensation strategies, overcoming difficult family dynamics, transferring equity and giving back to employees and the community.

One thing the panelists did agree on, however, was holding onto the core values of their businesses. John C. Mascaro, Jr. encapsulated this philosophy: don’t change the company too much — just build on the founder’s original vision and make it that much better.

Does your family business possess the “thinking” and “drive” of an entrepreneur? Learn the key success factors of entrepreneurial companies and how these characteristics can be applied to your family business from one generation to the next.

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