The most enduring businesses in our world are family businesses. These multi-generational businesses out-perform many of today’s best public companies and represent some of the most significant global brands.
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This guide details the path to be followed to build the foundations and traits that will allow your family business to become deliberate. A business that will endure over generations and build a legacy worthy of the effort each generation has invested.
A Deliberate Family Business
Many businesses that transition across generations are accidental family businesses. When they are formed there is no thought to their continuity past the current owners and the default setting is to sell and exit. The potential of these businesses to endure over generations, to compound capital value and to be the glue that keeps the family together is not recognised.
Often deliberate takes time and only emerges after several generations of accidental transition. But as we know many businesses falter in the second and third generations and collapse, sometimes through a sheer lack of foresight.
But for founders with an eye to the future and a heart for their family of today and tomorrow, there exists an enormous prize to be won by building a deliberate family business from the day they first founded their business.
A deliberate family business is one that plans to grow across generations and to act as the economic engine for the ever-growing family. We all understand the strength of compounding over time, well imagine the value that can be built through a business that compounds its worth over 100 years, and that is only two generations of a family.
And of course, a deliberate family business has an eye to performance as those traits that allow it to endure over generations also underpin its performance and lift its capital value.
But the prize requires an understanding of the elements that allow a business to become deliberate. To build not only a successful business but also a business that is designed to transition from one generation of family members to another, generation to generation.
This guide is scheduled be released in 2020.