The Secrets of Success in Continuing Family Business

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More and more young people are entering the business world, including women. Not a few of those who continue the family business and usually have been hereditary. But the task of continuing the legacy business is certainly not easy.

No one wants to see a business that has been painstakingly built up just like that in the hands of future generations. Here are four important things when setting up a family business heir.

Family Business

Founders usually want to see the basic values built from the beginning can be continued

Sustainability is more commonly referred to as a common thread. Thus, the basic value of the common thread must be transfer from generation to generation.

The critical point is to move the baseline values between generations. They do not have to be the same in every generation. It could change because the era has changed. The world has changed, especially when the digital is increasingly widespread. But, the red thread remains the same.

Old generation does not want any change in the basic values

Meanwhile, the new generation does not want to take the grip of the old generation because it is no longer valid. The successor generation should retain the value of a strong company and become a philosophy.

But, the early generations must also want to let go new patterns that are form in accordance with the times. Do not blame each other. There must be a relay that surrenders companies across generations.

Maintaining Communication Between Generations

The next generation must listen to the advice of the previous generation. Meanwhile, the old one must understand how to communicate well.

Experience is a very expensive thing in Family Business

In business, falling-awake is a common thing. However, it is precisely this experience that must be transferring to the next generation. So they understand how difficult it is to start a family business.

The founder should give his daughter a chance to start from the bottom. So, not directly in the top position, although it is not down once. Maybe from a junior manager, then up to medium, and so on. With this pattern, he will get to know the company.

Rotating both vertically and horizontally is also necessary. That way, the heir understands exactly where his interests are. The next generation must also take on the job starting from small things so they will understand how to treat the subordinates.