Family businesses are different from other types of organizations. After all, there is more than “just” a business to manage – it is also necessary to take into account the sometimes paradoxical interests, needs, and goals of the family and the shareholder group at the same time.
The interplay of these three systems, which are constantly growing, makes transition processes such as the already challenging process of generational change even more complex. However, when skillfully balanced, the interaction of these three systems represents an enormous source of strength for the company.
In the process of generational change, numerous profound shifts take place at the same time:
Not only do roles in the company change; established communication and decision-making routines are also put to the test. New structures are formed, and management structures and management cultures, some of which have existed for generations, are called into question. A generational change can turn the entire company upside down. The many aspects of change can cause unrest and uncertainty both in the company and in the family.
A sensitive approach is necessary to absorb the sometimes intense feelings – time is a valuable factor here.
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