Governance That Is Often Overlooked in Family Businesses
Family businesses are a pillar of the global economy. In fact, 70–80 percent of companies in various countries are family businesses, which contribute significantly to job creation and economic stability. However, behind this strength, there is often a fundamental weakness: neglect of governance. Many businesses collapse not because of competition or poor products, but because […]
The Family Business Phenomenon: When Employees Are More Cherished Than Family Members
In family business, there is often a subtle phenomenon that has a profound impact: the owner tends to trust, care for, and cherish professional employees more than their own family members. This can be surprising, especially for the next generation who assume that blood ties will automatically give them a place of privilege. So, why […]
Inherit or Go Independent? The Difficult Choice for Children of Family Business Owners
For many children who grow up in entrepreneurial families, the question of whether they will take over the family business one day is nothing new. In casual conversations at the dinner table, annual family gatherings, or simply conversations with relatives, the family business is often in the background—sometimes as a source of pride, sometimes as […]
Career Paths for Family Business Successors
For many family businesses, the main question is not whether the next generation will take over. But, how they prepare themselves and are prepared for the role. A family business is not just a business entity, but also a legacy, a reflection of values, and the social identity of a family. However, the transition from […]
The Dilemma of Transparency in Family Businesses
In modern business, transparency is often considered one of the key requirements for building trust and ensuring sustainability. Investors, employees, and customers alike encourage companies to be more open, whether in terms of financial reports, governance, or strategic direction. However, for family businesses, implementing transparency is not that easy. They face a unique dilemma: how […]
When Should Family Business Founders Step Down to Make Room for the Next Generation
In the course of a family business, there comes a time when a founder is faced with a decision that is not only strategic but also emotional: when to relinquish leadership. This decision is rarely easy. For many founders, the business is part of who they are a representation of their vision, hard work, and […]
Why Are Family Businesses More Resilient to Crises?
The history of business is marked by a series of crises, from the global financial crises of 1998 and 2008 to the COVID-19 pandemic. Almost all business sectors have felt the impact: large companies have collapsed, markets have fluctuated, and new business models have emerged from the economic ruins. However, there is one interesting pattern […]
Uniting Intergenerational Visions: Strategic Challenge in Family Businesses
This article emphasizes that the sustainability of family businesses across generations depends on the ability to unify vision, manage succession, build solid governance, balance innovation with tradition, and maintain communication and emotional harmony among family members. Family businesses have long been the backbone of the global economy. In various countries, both developing and developed, these […]
Managing Emotions and Egos in Family Business Meetings
In the business world, meetings are often not easy. However, in family businesses, where family relationships intersect with financial matters, controlling egoism and emotions during family meetings becomes far more important—and also more complicated. Discussions can easily shift from business strategy to unresolved family conflicts. Overwhelming emotions can derail even the most carefully planned meetings. […]