Managing Family Business for Sustained Success
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Family businesses are ubiquitous and contribute significantly to the economy of most countries. Family businesses have unique strengths which if nurtured carefully, can be a source of wealth and satisfaction not only for the family but also for the society at large. Family businesses also face some unique challenges which require to be effectively addressed to ensure the longevity and success of the business across multiple generations. This program seeks to equip family business owners and managers to leverage the distinct strengths of their family business and develop appropriate solutions to the complex challenges facing their business, and set their business in the path of sustained success and creation of wealth across multiple generations.
The programme will cover the following topics:
- How do the dynamics of family and business domains interface with each other?
- How to align the goals and needs of the business and family and resolve conflicts?
- How to engineer the growth of the business while preserving the family influence?
- How to create appropriate mechanisms for family and corporate governance?
- How to plan and manage the succession process in the family business?
- Appreciation of the complexities of the interactions between business and family domains
- Ability to build effective strategies to sustain business growth and family wealth
- Skills to manage communications and conflicts within the family and business domains
- Best practices to manage key processes like governance and succession
Who should attend
- Members of the family who work together in the family business
- Members of the family with ownership interests or the extended family with executive role in the family business