Family Business Blog
Sep 22, 2013
Building a 100 Year Family Enterprise
When it comes to family business there is a saying that's common around the world. In some countries it's 'shirtsleeves to shirtsleeves in three generations', in others it's 'clogs to clogs...' in China they talk about how the first generation creates the wealth, the second lives off it and the third generation waste it.
We've come across some interesting US research by Dennis Jaffe of Wise Counsel Research Associates. They studied 38 firms that had been through at least two generational transitions, have a net worth in excess of $US200M and operate internationally. All of them were over half a century old and more than two-thirds traced their history back over 100 years.
Their interviews with these families focused on generational transfer and asked questions such as -
The study identified the following common characteristics -
Shared Purpose and Values: Not Just About the Money
To download a copy of the full report click here.
We've come across some interesting US research by Dennis Jaffe of Wise Counsel Research Associates. They studied 38 firms that had been through at least two generational transitions, have a net worth in excess of $US200M and operate internationally. All of them were over half a century old and more than two-thirds traced their history back over 100 years.
Their interviews with these families focused on generational transfer and asked questions such as -
- How do you remain unified and connect as a family over generations?
- How do family owners manage their business and financial relationships?
- How does the family teach and prepare their next generation?
- How did these practices evolve?
- How do you as a family define success?
The study identified the following common characteristics -
Shared Purpose and Values: Not Just About the Money
- Family Community Across Generations
- Professionally Manage Business and Financial Activities
- Continual Adaptation and Resiliency
- Free Choice to Remain Partners
- Active Development of Human Capital
- Commitment to Give Back to the Community
To download a copy of the full report click here.
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