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CHALLENGES
Family enterprises frequently encounter a similar set of challenges throughout their lifecycles. Engaging professional advisers offers a strategic avenue to navigate the complexities and emotional dynamics inherent in both the family and business spheres, enabling the discovery of solutions..
The most important family enterprise challenges are the following:
- Navigating a generational transition of leadership, ownership, and other parts of the enterprise.
- Professionalising the family business, philanthropic initiatives, and ownership group.
- Planning for the future to identify a shared purpose, strengthen unity, build trust, and deliver sound performance.
- Preparing the next generation for future roles in the family enterprise whether as managers, board members, owners, entrepreneurs, or other roles.
- Crafting a firm strategy that fits with the family’s and owners’ goals and values.
- Reorganising the ownership structure.
- Developing family policies, family protocols, or family constitution.
- Promoting family activities to perpetuate the legacy and create family ‘glue’.
- Designing high-performing family and corporate governance.
- Addressing family conflict through third-party facilitation or mediation.
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