This framework clarifies, in simple terms, the three interdependent and overlapping groups that comprise the family business system: family, business and ownership. As a result of this overlap, there are seven interest groups present, each with its own legitimate perspectives, goals and dynamics. The long-term success of family business systems depends on the functioning and mutual support of each of these groups.
While making business decisions the focus is on the business impact of your perspectives rather than framing it generationally. The older generation may not be as familiar with social media marketing, so its gentration gap Younger agents may not have the networking experienced parents or relatives do so highlight how professional relationships can benefit agents
agency theory
Agency theory is used to understand the relationships between agents and principals. The agent represents the principal in a particular business transaction and is expected to represent the best interests of the principal without regard for self-interest.
