Family Business Office Blog
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Historically family businesses have been the drive and backbone behind any country's financial system and have proven to be some of the most robust dynamic sectors of the economy. The scope of the Family Business Office is to tackle these difficulties and find sound, practical and responsible ways in paving the way ahead.
Family Business Office Blog
5M ago
There are few things as motivating as the birth of a new idea and nothing more rewarding than watching it bloom into a successful business. However, like every other bud that blooms, each idea will have its season, and there will inevitably come a time when it must be replaced by newer, fresher flowers.
Continuous and consistent innovation is tough in every business scenario, but this proves to be an even trickier pursuit in the family business landscape. A multigenerational environment normally reigns in these enterprises, and it can be difficult to foster change when emotions and personal re ..read more
Family Business Office Blog
6M ago
Every business arrangement comes with its own unique set of benefits and problems. This is certainly the case with family businesses, where personal and professional meet and it is up to everyone involved to pull on the same rope in order to achieve and maintain harmony, which will in turn foster success.
All families face conflict from time to time and this becomes elevated when business, investment and money are involved. Conflicting interests among the different contributors to the business may overlap with difficulties in personal relationships, and disagreements become inevitable. One can ..read more
Family Business Office Blog
7M ago
Have you ever found yourself receiving countless newsletters you do not actively remember signing up for, going to checkout to find a price tag much larger than promised or, worst of all, receiving a billing statement for a subscription you don’t entirely recall agreeing to?
If any of this sounds familiar to you, chances are that you have been a victim of dark patterns in marketing. More often than not, these crop up in the form of deceptive advertising messages promoting free limited trials, registration-free processes and limited time deals that indicate a sense of urgency.
How do mar ..read more
Family Business Office Blog
1y ago
Leading a family business may be considered to be no mean feat. What qualities make up for the effective Family Business leader?
Some reasons why business leaders fail to lead effectively:
Ego – thinking they can achieve things without anyone’s help and so find it hard to really collaborate with others.
No Vision – constantly engulfed in their comfort zone of daily operations and not thinking ahead and the future direction.
Control – Wanting to keep control at all costs, even at the cost of stopping their business organisation from developing further.
So how can the effective family business ..read more
Family Business Office Blog
1y ago
It is no hidden secret but of course a real shame that not many family businesses think about passing the business down through the generations.
Conversely, many younger generations are not that interested in taking on significant responsibility in their family businesses. Younger family members may be woefully unprepared to take on leadership roles when the business needs them, or may not wish to take on the burden of responsibility — either for managing the business or for “reporting” to other family shareholders. Several challenging familial conditions may exist, often in combination.
A num ..read more
Family Business Office Blog
1y ago
It is a known fact that in a post covid world a number of industries, both locally as well as the global field, are suffering from skilled labour shortages and therefore are not able to reach their true potential.
But what brought this about? As the pandemic came knocking on our door a number of jobs were made redundant in order to control cost and a number of individuals sought pastures anew in order to secure their future. As family businesses, throughout the pandemic, went into survival mode, hitting the panic button and releasing staff, now such industries are suffering the consequen ..read more
Family Business Office Blog
1y ago
A baby goes from crawling to walking in a matter of months with almost no coaching. It is a system of trial and error, tipping and falling, progress and regression, experimentation and self-correction.
With only minor peripheral support, babies teach themselves to walk by watching the world around them and advancing on their own terms through self-motivation, loosely structured group interaction and practice. This is the innate and optimal learning system for humans, but unfortunately, human organizations rarely employ it.
How can the above relate to the daily running of a family busines ..read more
Family Business Office Blog
1y ago
After years of dedication to building a family business and seeing it through countless ups and downs, an offer to buy the family business may be on the cards.
After years of dedication to building a family business and seeing it through countless ups and downs, an offer to buy the family business may be on the cards. While this may sound like a great opportunity, the family business and family must prepare themselves for life after the sale.
Deciding to sell a family business can feel like riding an emotional rollercoaster. Add in the expectation of an influx of newfound wealth, a ..read more
Family Business Office Blog
1y ago
The focus of decision making in family businesses is made more in the context of family relationships rather than just the business.
Families are complex, emotional systems, so what may seem like straightforward business decisions are deeply affected by the history of the family relationships. That is why taking decisions in a family business can be such a slow and complicated process.
There are various reasons as why decisions are never taken or hugely delayed in family businesses.
The first one is when family business owners have a difference in vision or objectives, either for the bu ..read more