“You have to understand the ‘why’ in a business. What makes the business work? If the next generation has energy, passion and drive, that makes it happen” – RB, family business owner.
At the first of our webinars for family businesses, we discussed how it felt to be standing at the crossroads of selling or expanding. What if one generation feels the business is a legacy for the future, but those inheriting it perceive it as a millstone? What are the considerations if you need funding to expand or innovate? How does property come in to it – how does the emotional interplay of being located where Grandad started the business decades ago, versus being located where it’s best for the firm’s future affect decision making?
“It probably took 5 years before my Dad trusted me with the job” – JS, family business leader.
Take a look at our interactive stepping stones guide for insight and advice on how to get the most out of your family business.
Join us at our next webinar for family business owners on 17 November 2020 – “Can my business survive my family?” – more details here.