Family business founders often want their ideas to last for generations. Indeed, the legacies of some leaders are so strong that they end up controlling their companies from beyond the grave. Such a strong legacy can have benefits, but it can also have truly terrible consequences. Continue reading
Can former communist economies develop strong family business sectors? So far, there is no clear answer. In some ex-Soviet countries, there appears to be a strong dynastic will, or desire to pass a business on down the generations, among entrepreneurs, but in others this is less apparent.
Historically, Russia has been a place where money can be earned rapidly and entrepreneurs enjoy a lot of opportunities. Nevertheless, most of these entrepreneurs are focused on building their businesses and do not think about succession. Continue reading
Some of the oldest family businesses in the world are Japanese. But why do these businesses last longer than those from other countries? And what can family businesses in other countries learn from them?
Succession is the number one issue for all family businesses. Families that handle it well are more likely to be in business in 10 years’ time than those that handle it badly. Invariably, it is a very emotional issue. I’ve seen many cases where emotion can undermine the whole business.