The ‘business is business’ mindset can be a problem in a family enterprise. The family dynamics factor in a family business is strength and a weakness, an opportunity and a threat. Six best practices are proposed.
There is a delicate balance between family and business in decision making. So, what processes can be installed to examine those decisions and offer the best outcomes? Boards offer a process and structure that should offer the ability to improve decision making. First in two-part series.
“Is the business for sale?” and “Whose decision is it?” are two questions that deserve deep understanding for family businesses to be successful.
If you are a family business the groupthink theory has to scare you. Can groups get to good decisions if the main goal is harmony and conformity?