Facing the challenge of family business
The Key Challenges
There are so many challenges that arise from mixing business with family. One of the biggest is around succession.
Many family businesses struggle with managing the trade-off between control and delegation and this can cause friction between members of different generations, as well as between family and non-family members.
Another key challenge is the balance between long-term, family-focussed goals and the business goals of increased productivity and in-the-moment operations.
This often relates back to the succession planning issues too, as different generations have disparate views on strategic direction.
Applying academic research to small business challenges
The LUMS Centre for Family Business focuses on research related to growth, innovation, governance mechanisms and business practices.
The findings of this research help us to develop theories, frameworks and tools, around which we frame programmes like the Family Business programme.
Many family businesses struggle with managing the trade-off between control and delegation.
The application of these tools supports family business leaders to address their own challenges.
Best piece of advice
Make time to reflect and address issues regularly. Time out of the business is so critical to ensuring that the family work together for the benefit of the business, building a culture of communication and change.
Through the creation of a value-based identity, and a strong structure and system which allow flexibility, family businesses can address any challenge they face.