Generate some ideas about what urgent advisory service and advisory solution the Samsung family business may require in the next 5-10 years. Use this to help stimulate possibilities for your own family business's advisory needs and solutions
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Family Business Labs
"The Successor's Paradox"
What Advisory for Samsung?
What Advisory for Samsung?
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In today's world I believe that the type of advisors that needs to be incorporate even more in a family business is an external professional advisor for each branch of the company. Having external advices is very precious when working in a family business and Samsung could take good use of this now or in the future. I would add that the more challenging aspect that will impact Samsung in the future would be to continue diversifying through M&A or creation while still being able to contain competition due to its competitive advantage.
There can be three different types of advisors that a family business can have including, formal, informal, or board advisory members. The advisory solution that Samsung might need in the future is the board of advisors. These advisors can become a formal part of the company and bring their independent views in the technological innovations for the company. For my own business, we might need a similar advisory board for transition into the next stages of the business lifecycle.