“This crisis is forcing family businesses to make trade-offs among objectives that would have previously been unimaginable — all while dealing with the complex dynamics of a family.”
There are the less tangible benefits of being in a family business poised to grow. Family members offer emotional support, which often comes in handy when facing the turbulence and risk of growth. A family firm is also able to make quick decisions — quicker than non-family firms — because of the high-trust environment.
I love M&Ms and have since my mom tucked them inside my brown paper lunch bag to take to school for a recess snack. (It was the ‘70s.) They’re still my go-to pick-me-up on many occasions. Today, though, there’s another reason I support M&Ms’ maker, the huge family-owned business Mars: its social mission of making […]
Rob Lachenauer, a partner and CEO at Banyan Global Family Business Advisors in Boston, says there’s one thing that makes family businesses different from all others. “In a non-family business, you can quit your job and it’s usually a career enhancing move. In a family business, you sure can’t quit your family,” Lachenauer told me. As someone […]