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.
The right balance for your business
In a family business conflicts are often magnified by generational differences, sibling rivalries and even divorce, said panelists in the panel discussion, “The right balance for your business.” Those family business leaders discussing how they found the right balance included Earl G. “Butch” Graves Jr., CEO, Black Enterprises (2nd generation), Bruce Blue, Chairman and CEO, Freedom Metals, Inc. (1st generation), Avi Steinlauf, CEO, Edmunds.com (2nd generation) and Vinita Gupta, CEO, Lupin Ltd (2nd generation).
One source of family friction discussed was succession planning and how and when a family business might engage those concerned in the process. The panelists also discussed how to encourage the next generation to enter the family business and why and how the demonstration of commitment and enthusiasm towards the family business has changed amongst the next generation, where for them the right balance now meant “working smarter, not harder”.
Managing rapid growth and preserving a family businesses culture as well as how to incentivize non-family members were other areas of discussion. Earl G. “Butch” Graves Jr. shared what he had learned from his father and fittingly ended with the comment “as with any family matter, the solution involves striking the right balance.”
Does your family business “strike the right balance”? Learn the key success factors to finding the right balance and how to apply these to your family business.