These are challenging times everywhere. Markets are down, costs are up and money seems “frozen” in the banks.
One of the principal advantages of family business is that the owners can take a “long view.” This may mean accepting a lower rate of return for a long term gain. You cannot escape focusing on the “now,” but it is also important for the family to have compatible core values if they are going to take a long term view.
The real security of family business is the knowledge that you and other family members have the same core values, that in good times and challenging times, you are committed to work together in the best interest of the business. An example of a core value is save money, to be prudent in how you use it.
Does Your Family Business Need Help?
Family Business Matters has extensive experience assisting family businesses. With many decades of experience, we understand the wide variety of challenges that families face as they work together to build, grow and sustain a thriving family business generation after generation. Through conferences, continuing education programs, family business retreats, speaking engagements and private family business consulting services, Family Business Matters has assisted more than 450 family-owned businesses around the world chart their way through family business issues of all shapes and sizes.
For more information on how Family Business Matters can help your family business survive and thrive, please contact us today at (970) 948-5077.