The Trouble with Family Businesses - Part One
Welcome to this first edition of NXD on the couch podcasts. In this episode Stephen Barter (Founder and MD of NXD) will be sharing from his own unique perspective some of the main challenges facing Family Owned Business today.
Almost two thirds of UK businesses are family owned and are the backbone to the UK economy, so we thought they deserved our attention. Running any business in this fast paced world is a challenge but the very nature of a family business makes them uniquely difficult to run and there are some common pitfalls that these types of businesses find themselves in that can sometimes make failure seem unavoidable.
In the first of this series Stephen will look at some of the most common ground family businesses find themselves in – how to recognize the pitfalls and more essentially how to avoid them to achieve long term success. Dealing with the emotions – If left unmanaged, family problems will not only affect the business but all areas of life and prevent the business from reaching it’s true potential Introducing structures, disciplines and processes essential for long term success and how to adopt them where hierarchy is less obvious or the lines less well drawn. Getting to grips with conflict Transitioning from one generation to another Agreeing on structures and job roles within the family Why you should consider outside council to act as negotiator and devise productive resolutions.