The culture, history and specific characteristics of a family are the factors that own the success of any family business.
The cultures of family businesses are often influenced by the vision, style, and values of their founder and are carefully maintained through the generations. Cultures like these bind employees to a common purpose and foster loyalty and stability. When managed effectively, a strong culture can position a family business to create long-term sustainability by attracting and retaining top talent and long-term goals.
A strong culture can also be a liability. In an ever-changing business environment where digital transformation and business model disruption is inescapable, the culture of family business should fit to its purpose.
My family business has its own identity and purpose. Its functioning is a living example of the values of its founder.
It has a unique story that glorifies its existence. It has a deep-rooted culture, whether it's religion, language, or region.
However, sometimes this 40-year-old culture does not align with the company's strategy.
In addition, it creates difficulties in succession planning.
The religious and cultural values of my parents and uncles are very important to me. But sometimes this rigidity can show up in the way of family business.