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admin July 7, 2020 0 Comments

Advising family businesses and their professionalized running the last 15 years, we believe the following would be some areas of focus:

  1. don’t try to shake the boat the moment you are inducted into business. try gain confidence of top and middle management workforce
  2. try starting from the bottom of the business hierarchy, the best approach is to go on rotation department by department so as to get a holistic exposure
  3. trust your first generation, don’t be an ever critic. they have built the business from scratch to respect their effort and recognize their contribution
  4. try bringing in professionalism in the way business is run through organization structuring, role clarity, goal setting, automation, standardization of workflows, product efficiency, channel streamlining, periodic reviews, structured MIS, etc.
  5. check what roles are given to you and if they are in conflict with other family members in business, do alert, clarify, and eliminate confusion/duplication.
  6. understand your first generation’s vision, direction, value systems, core purpose, objectives, and try to live them… don’t strangulate them and try to impose your own thoughts, it will confuse employees.