Family Businesses untapped resource
When you've spent a lifetime building a successful family business, it is natural to have concerns about its future.Planning for the future is difficult enough, but planning for the success of your family business once you hand over to the next generation presents unique challenges.It is not uncommon for the founder to wonder if the next generation will be able to handle the challenges that running a successful family business needs. Quite often that means worrying about the changes that next generation will undoubtedly implement.
The truth, however, is that the changes so many current owners worry about represent the innovation needed to create a family business that truly stands the test of time. The future of your family business often relies on learning from the next generation as much as it does from teaching them about the business.
Public companies spend millions learning about what the next generation thinks about business and how to turn those impressions into actionable items that will keep their company relevant and growing.Family businesses have a truly unique - and often untapped - source of that same information in the next generation of their own family.By bringing the next generation into the business early and teaching them how the business works as it is now, family companies can also get a head start on learning from this younger generation.A young and fresh look at everything from data management to marketing and public relations can help a company stay agile, relevant and ultimately on a path to continuing success and longevity.
Do you want a few more opinions on the importance of innovation in family business?
These three short videos are from our free family business video catalogue. It is full of family business that have been there before and global leaders on family business issues.
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- If you were wondering if you need to innovate in your family business you should watch this 1 minute video. Your next gen are the hidden asset and unique resource your family business needs to flourish. “Innovation the Key to Family Business Survival?” . Devin Deciantis is a Global family business adviser.
- Would you like to hear a Next Gens opinion on innovating within the family business? Anthony Esposito is a 21 yr old 2nd Gen of his family business. He talks about innovation being a “24/7” process and the importance of open communication to facilitate it. How Do You Keep your Family Business Innovative?
- How can you cultivate an innovative culture? Justin Craig, Professor of Family Enterprise at Northwestern University highlights some important tips for members of each generation of the family business. Accepting New Ideas While Remaining Competitive.