Handing Over a Responsible Family Business: The benefits of formalising social and environmental responsibility practices
Running a family business with responsible strategies is a complex undertaking.
In these situations families are forced to think wider, deeper and differently. Families in business have to be aware of not letting their culture and family priorities block their ability to grow.
Have you ever felt conflicted? A part of you wants one thing, but another part clearly favors something else.
Have you ever encountered a family business leader that needed to be the protagonist, had little tolerance of being criticized, was highly seductive and had a board of directors that admired him and hardly questioned him?
In complex situations there are no simple solutions, but there can be different contexts that range from simple to complicated, chaotic or complex (Snowden & Boone, 2007).
Choosing a lawyer for a family enterprise engagement is not a simple matter. In advising family enterprises, lawyers play at least 13 roles, involving different skills, experience, approaches and temperaments.
Every family is as unique as its members. However, when advising families in business, we sometimes find similar challenges and complexities to address.
In the March 2014 issue of Family Business Review, editors Trish Reay, Carlo Salvato and Pramodita Sharma offered an extensive introduction on the “Temporal Dimensions of Family Enterprise Research”.
Families in business usually have a deep desire to see the family company prosper and survive into the next generation and to keep the family successful, united, and supportive of the family company.
Over the last 10-15 years, we’ve seen a measurable shift in the complexity and speed of change in the world that we live in.