Governance as a Key to Building Legacy
Building a legacy in a family business requires more than just passion—it demands an effective governance structure. Yet, only 40% of family-owned businesses reach the second generation. This post explores how a well-defined governance framework can help navigate generational changes, mitigate conflicts, and ensure long-term success. Learn why governance isn’t just for outsiders, but a vital component to managing the business and fostering growth across generations.
Stop the Screaming – Navigating Conflict in Family Business
Building a family business is challenging, but turning it into a lasting legacy is even harder. Family businesses face unique conflicts—Purpose, Direction, and Legacy—that must be addressed to ensure long-term success. In this post, we dive into these conflicts and offer insights on how leadership, generational engagement, and clear communication can help family businesses navigate these obstacles and create a sustainable legacy.
The Power of Legacy
The oldest continuously operating business in the world is family-owned and family-run. Nishiyama Onsen Keiunkan, a hot springs hotel in Japan, has been managed and nurtured by the Mahito family for 52 generations. In this post, we explore the unique challenges of family-run businesses and the importance of creating a legacy that can endure for generations. What does your legacy look like, and how can you ensure that your business continues to thrive for future generations?