With all of the consolidation in fields like manufacturing, wholesale distribution, and even the funeral home space, what does a family-owned business need to do to remain family-owned and privately controlled?
We suggest you begin by setting aside some time to seriously reflect on the trends in your industry. What is it that the “big dogs” bring to the party? And even more important, what don’t they bring? It is there that you may find some of your own strengths and opportunities. What might you do differently to take advantage of the gaps between the current design of your business and what it may need to look like in order to preserve independence?
Family businesses are inherently nimble and notoriously responsive to changing conditions. For those on the verge of planning for transition of ownership and leadership, it’s time to ensure agreement around where you want the business to go and match that passion the attributes of future leaders to help you retain business independence.
Strengths, limitations, likes and dislikes need to be assessed and roles and responsibilities need to be clearly defined. Step by step, put initiatives in place with a process for implementation to help develop the next generation leaders. And set benchmarks to measure performance along the way, to make sure things are progressing as they should.
Preserving your independence may be priceless, so capitalize on the strengths of your business and its future leaders and invest the time and energy to make it happen.
David Karofsky is President of Transition Consulting Group, Ltd. He has over 20 years of experience coaching and consulting to individuals, families and companies to develop better cross team communication and build alignment among the senior management team. The recipient of multiple achievement awards, he received his A.B. from Bowdoin College, an Ed.M. from Boston University in Counseling Psychology and a MBA from Northeastern University. David can be reached at [email protected] or 508.875.7751
