The main challenges of all family businesses are alike; still each family business is unique; so, families shall smash the myth of being disgraced. The hustle and bustle to build this emotional business, with all its tangible and intangible dynamics, and its particular evident order, characterized by agility, flexibility and resilience, should be considered as the main driver for families to truly care about their fortress.
The reason given, moving forward towards the family business’ survival and sustainability shall urge families to think and decide strategically, diligently, openly and responsibly. Thus, passing the baton to the next generation, who relies on this entity as a great resource, requires a peculiar and inclusive process, which is not usually suitable with old tools and channels. Particularly, the latter are considered the fundamental threat against the longevity of the family business if they do not adapt to the requirements of the era.
Besides, being immersed in assumptions and the undefined thoughts is deemed the main source of the unavoidable legacy destruction. Accordingly, in order to resolve the enigma of long-lasting protected relationships, family members shall assent that they are inherently embraced in never-ending family relationships, which shall be nurtured with care, trust, and love. Then, these rapports shall be translated in business into explicit and transparent legal bonds.
Consequently, nothing can beat the adage “from shirtsleeves to shirtsleeves in three generations” more than breaking taboos, thinking aloud, being pragmatic and acquainted with the scientific, legal and technological approaches. This exposes the magical recipe that disseminates peace in both, the family and business. In addition, it allows the coming generation to communicate and disclose their aspirations. It also gives them wings to open new horizons, so as to innovate confidently, ethically and legally while seeking sustainability and longevity.