What are the key traits of a successful family business and how are they different from nonfamily companies?
Maintaining strong family relationships both inside and outside of the business and ensuring business continuity across multiple generations are important traits of family businesses. Nonfamily businesses typically do not share these traits. By looking closely at the survey, we see that leaders of successful family businesses have an uncanny knack for instilling their personal values into the fabric of the company. They also maintain a deep commitment to having future generations participate in the business. Back to top What are the top challenges that family businesses face today? Succession of the leadership will likely be the biggest challenge for most family businesses. With todays longer life expectancies, there are often multiple generations of a family involved in the business at the same time. This adds another layer of complexity to the succession process. In addition, shorter business cycles as a result of global competition make it important for family-owned firms to formali
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