Successful Family Owned Business Survival Mentoring | London | Familosophy

A 'family business' is much more than a family-owned and operated firm. Apart from serving as a vehicle for wealth development and entrepreneurship within the family, these enterprises can provide non-monetary benefits to family members, referred to as "socioemotional wealth" or "social capital."

Being involved in family businesses instills sentiments of pride, personal fulfillment, and satisfaction, and can become an integral part of family members' identities.
These additional intangibles are critical when it comes to succession planning, from bringing in new family members to properly handing over the reins.

It's worth mentioning that this added emotional connection between family members and the firm can also act as a catalyst for bad decision-making and conflict. The critical point is to be aware of these non-financial characteristics of a family business and to handle them pro-actively.

Consider the Following: Do you discuss your family's business? I'm not referring to "business speak" - I'm referring to how family members feel about the firm, its operations, its history, and most importantly, its future.

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

Visit David’s Website at: https://davidwerdiger.com/ or his GMB site at:  https://goo.gl/maps/YiKUeBhXzapPAYyP6

SOURCE: https://davidwerdiger.com/2021/08/family-business-social-capital/