Trusting that "it won't happen to us".
Posted: Thu Feb 13, 2025 4:30 am
Confusing bonds of affection with contractual ones
Separating the family and business spheres is essential for business to thrive.
Fortunately, these types of businesses are increasingly supported by bodies that help manage both spheres.
Not respecting market rules
Employees are hired for what they are worth, not who they are.
When an employee is compensated above his worth because he is family, problems are quick to arise.
Delay the succession
Who will replace the founder is one of the great challenges of any business of this nature, as revealed by the numerous studies on family businesses that have been carried out around the world.
Raising the issue early is key to a successful transition.
Feeling comfortable with all of the above points only cyprus phone number list creates the false sense that the family business is safe.
Unfortunately, as in many other areas, accommodation reduces competition.
Tips for family businesses in the digital age
If all these aspects are already complex, when the digital area is included in the equation, things get complicated.
Because?
Because leadership in family businesses is usually held by its founder, who is usually far from understanding that the digital era is here to stay.
Among the recommendations for family businesses that want to successfully adapt to the digital age, I will focus on three:
The transformation must come from the owners.
Separating the family and business spheres is essential for business to thrive.
Fortunately, these types of businesses are increasingly supported by bodies that help manage both spheres.
Not respecting market rules
Employees are hired for what they are worth, not who they are.
When an employee is compensated above his worth because he is family, problems are quick to arise.
Delay the succession
Who will replace the founder is one of the great challenges of any business of this nature, as revealed by the numerous studies on family businesses that have been carried out around the world.
Raising the issue early is key to a successful transition.
Feeling comfortable with all of the above points only cyprus phone number list creates the false sense that the family business is safe.
Unfortunately, as in many other areas, accommodation reduces competition.
Tips for family businesses in the digital age
If all these aspects are already complex, when the digital area is included in the equation, things get complicated.
Because?
Because leadership in family businesses is usually held by its founder, who is usually far from understanding that the digital era is here to stay.
Among the recommendations for family businesses that want to successfully adapt to the digital age, I will focus on three:
The transformation must come from the owners.