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Unique strengths and weaknesses
The family business is the world’s most common type of business organization. It is also the most complex, with unique strengths and weaknesses that stem from being family owned and managed.
On the positive side, family businesses tend to emphasize high quality, invest for the long term and develop loyal relationships with employees and key stakeholders. This can make them tough competitors. At the same time, family businesses also tend to focus on issues and tensions within the family. A heightened concern with control can limit their growth and opportunity.
Building on the strength of being private
The Family Business Center works with companies that are privately owned or influenced by one or several families. This control or influence fundamentally distinguishes a family business from a publicly owned business and provides an element of strength, provided it is appropriately structured.
Answers to the following questions are crucial for most family owners:
- What is the most effective role of our family in the business?
- How can the next generation add value to the business?
- How can we strengthen our competitive advantage as a family owned business?
The center tackles the interfacing of family members with other stakeholders including management and board. This becomes a particular challenge when a business and/or family grows, a board is being established or non-family executives are brought in for the first time. Our research has identified best practices to effectively deal with these issues.
At IMD we review each of these roles and their various interactions, and explore ways to make them more effective.
A key thrust of the Family Business Center is helping family members interface amongst themselves, which can be vital when dealing with matters of transition over several generations. Our team has extensive experience helping families and individuals resolve conflicts and succession issues through negotiation and mediation.
IMD provides a number of helpful tools for benchmarking performance against the leaders and for evaluating whether there is a clear understanding of direction and vision within the company.
IMD Family Business Programs draw on the deep understanding of how leading businesses must be organized and run.
Your next step
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Call Lise Moeller: +41 (0) 21 618 03 29 |
Family Business Programs
