Understanding Family Business
4th August 2015
This first guide in our Family Business Challenges series is a great place to start if you are trying to find out what separates family firms from other types of businesses – and the challenges what go alongside this.
This guide looks at what makes family businesses different and how you can make the most of being a family-owned or managed company.
Understanding the relationship between ownership, family, and business is crucial and this guide identifies seven groups of individuals who may be involved at any one time in a family business. The relationship a family member who works in the business has with the firm can be very different to someone who is a family shareholder but who has never worked in the company.
You can also find here an explanation of the three stages of family business ownership. Understanding these stages and navigating the transitions between them – dealing with issues such as governance and succession – helps families to manage the growth and sustainability of their business.