Family Best Practices I London I Familosophy
Family businesses face a recurring problem when the next generation isn't interested in assuming the reins. When it comes to industries like manufacturing or farming, this can be a regular problem for younger members of a family.
- a) Who will manage the business now that the family is no longer in charge? (a) Who will take care of the customers? It's crucial for family businesses to maintain their unique relationship with their clients, which is frequently more than just "transactional" and is a reflection of the family's values, as well as their wealth creation vehicle.
Two of the articles that follow provide examples of small family businesses that are dealing with this same issue. Is it necessary for family companies to be passed down through generations? Is their goal solely financial, or is it a combination of the two?? When it comes to the family, these are good questions to ask (with at least 2 generations part of the discussion).
Take a look at this: The question is, what happens if your children don't want to run the company you built together? What do you want to leave behind?
Are you looking for advice on how to make your family business in London operate better? David Werdiger is the number one choice when it comes to London family owned business protocol help. Mr. Werdiger is helping hundreds of family owned businesses pass the torch using his famous London Familosophy techniques
His market is two-fold:
Scenario #1: The older generation wanting to work with the younger generation, bring them into the company, teach them how to run things, and then retire from the office, but not the income
Scenario #2: The younger generation wanting to jump into the family business, but to be able to contribute and be heard, and not having to “wait their turn” before they can begin to help run the business.
Looking for great advice for your family-owned and family-run business? Find out how David Werdiger’s Familosophy Newsletter can help answer your questions and guide you through turbulent times. To subscribe go to https://www.transitionbook.co/transition-membership-sign-in