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Family Business: Bump & Beyond

For NextGen Successors to Prepare for their Family Business Futures

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Zohra.M
45m
How neutral is it?
Part 8: Advisory Services
An advisory board could offer guidance to the family members, working in collaboration with the board of directors. But how do they offer problem solving and mediating while being unbiased? I believe this is quite challenging to not pick sides during the decision making process.
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Gururaj Jamma
16h
When Advice Meets Tradition
Part 8: Advisory Services
Advice that contradicts long-held beliefs or originates from outside the family is frequently viewed as interference in our family business. Although we acknowledge that advisory competencies—financial, legal, emotional, and strategic—are necessary, asking for assistance can come across as a sign of weakness. While younger members are more receptive to outside opinions, older generations place a higher value on experience than expertise. Blind spots remain and growth opportunities are lost as a result of this conflict. Balance could be achieved by using a structured advisory model that respects our values while providing unbiased insight. But first, even when the advice is difficult to hear, we need to learn to listen.
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Gururaj Jamma
16h
Informal Rules
Paradox 7: Governance
The governance of our family business is primarily informal; important decisions are made within the inner family circle, frequently through informal discussions rather than formal meetings. The lack of a formal board and written policies maintains flexibility but also introduces irregularities. Misunderstandings, a lack of clear roles, and unequal power dynamics can result from this informal governance, particularly as the company expands and more family members become involved. Tradition and trust keep things together, but accountability and long-term strategic planning are hindered by unclear frameworks. We are aware that formal governance is necessary, but change is sluggish and frequently opposed.
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Family Business: Bump & Beyond

Paradox1: Snapshots & Views

Paradox3: Stages & Tensions

Paradox 5: Board & Performance

Paradox 7: Governance

Paradox2: Ways of Framing FBs

Paradox4: Health as Culture

Paradox 6: Succession Planning

Part 8: Advisory Services