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State-of-the-Art Thinking - The GEGN Knowledge Area

Family Business Management and Corporate Governance Knowledge

 

The great majority of emerging business giants are in fact large family businesses or simply, closely-held private equity companies.

Family Business have many advantages which enable them to compete head on with publicly listed companies. However, when family members work together, emotions may interfere with business decisions. Conflicts may arise as relatives see the business from different perspectives. Those who are silent partners, shareholders and directors are likely to judge capital expenditures, growth and other critical matters primarily in money terms. Those engaged in daily operations are more likely to be concerned about production and sales figures and personnel matters. Obviously, there is potential for conflict.

 

In some family companies, daily operations are hampered by conflict; in others, the challenge is a high turnover rate among nonfamily employees. Growth also may be a dilemma if some relatives are reluctant to plow profits back into the business. Conflict in the business also can be aggravated by family members who have little talent for money or business -- the offspring of company founders who lack business acumen or in-laws who must be employed without regard to their ability or the company's needs. So the job of managers of a family-owned business may be complicated by relatives who must be reconciled to working together in a business.

 

 

In this Knowledge Area, you will find a list of useful published knowledge and insights from GEGN about Family Business Management and Corporate Governance.

You can browse through the material and choose knowledge according to your area of interest:

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