How Multi-Generational Family Firms Transfer Management Control Successfully
- Tags:
- Business,
- Continuity,
- Family Business,
- Finance,
- Financial Accounting,
- Genus Resources,
- Leadership,
- Management
- Source:
- Genus Resources
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Overview: Article concludes that the powerful and committed (and often curmudgeonly and irascible) individuals who dominate family businesses come in all ages, spring from all ethnic groups and races, and include both genders. But their ethnic, cultural and gender differences are less important than their common desire to have both healthy families and profitable family businesses. Many, but not all, are committed to continuity of their family businesses into the next generation. Successfully managing the intergenerational conflict, conflict that could wreck this hope for continuity if left unaddressed and unresolved, is the ultimate test of leadership for them and for their progeny. In same context article talks about informs Genus Resources that has been engaged by nearly 200 family controlled businesses since 1985. It has developed a conceptual framework about how business owning families function, how family issues drive the business, and a specific methodology whereby Genus consultants interact with both the family system and the business system to facilitate change. The clients comprise those family controlled enterprises concerned with addressing both family relationship issues that are lived out in the enterprise and strategic organizational level and financial issues of the business.
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Format: HTML | Date: Jan 2003 | Pages: 1
