Purpose

Purpose 2018-01-10T10:51:55+00:00
FAMILY BUSINESS ADVICE - PURPOSE

Origins and motivations

Understanding why a family are in business together is fundamental to it’s true potential and success. And working with family members can often be taken for granted.

It’s essential to take a step back and re-evaluate the purpose of the business, the family involvement, each persons contribution and understanding the aspirations of all of the individuals in the family. This includes both family and those who have married into the family; or distant relatives.

It is sometimes issues of health that can determine the vision and strategy for succession or exit. An external mediator/facilitator can be very useful in taking out the emotion, whilst keeping an eye on the business goals of the family.

It is important to pin down the importance of the business in sustaining the family just as it is vital to be clear on the importance of skills and competences of family members for the success of the business. And that, can be tricky!

  

“I was not very keen on joining the family business… there were 14 family members working together, and it worried me that I would not have enough individuality.”

Uday Kotak