Do you have a multigenerational family business and family office?
There are many things you should keep in mind to ensure the continuity and success of your business, since only 30% of family businesses make it to their second generation, only 12% still have the company going in the third generation, and only 3% make it past the fourth generation (The Family Firm Institute).
Surely you’ve faced challenges related to lack of trust, conflict of interest, communication problems, etc. To ensure that your company beats the statistics, you must always be one step ahead. Thus, it’s necessary to design personalized structures to ensure a solid family governance that transcends time.
When you truly understand your goals, you can create a strategy to separate the business affairs from the family affairs and develop policies for the next generation through programs and workshops that will lay a solid foundation so the family grows successfully and enjoys financial harmony.
The key to ensuring that your family business will transcend to future generations is having a family governance which reflects the values and mission of the business and a long-lasting strategic plan. Family governance is a process in which rules, protocols, and policies are established so that all the generations involved can have common business and family goals