Essay On Family Business

1550 Words7 Pages
Family businesses have become the talk of the decade. Over 90% of businesses worldwide are family businesses we are told. Only 30% of family businesses make it through the second generation. Less than 10% make it through the third. Who hasn't heard this overused and often misquoted statistic or some other variation of it? Family businesses underpin the economy of most nations. Some of our the largest businesses are family businesses. I struggle to think of a client in my practice that is not a family business in one way or another. Yet family businesses are in trouble, statistics keep reminding us. Most of them are doomed to fail. They cannot handle the unique challenges that they face. They need help. And in business 'need' means 'market'.…show more content…
Fleming, which is one of the best sellers on the subject. 'Baggage' is a term used by psychologists to describe 'issues' that people carry with them. But how in all fairness can the family baggage be kept out of the business? The family baggage is there whether you like it or not and you cannot just force it out. A business is nothing more than a group of people trying to work together toward a common goal. Forget about 'human resources'. People are people, and people carry with them a complex cocktail of genes, experiences, values, beliefs, strengths, talents, fears, insecurities, likes and dislikes. You cannot ask people to leave their baggage outside when they enter the workplace. The baggage is part and parcel of their being, no less than their finger or toe. Good leadership means being able to bring out the best in people, helping them discover their strengths, helping them direct their passions and motivations toward the good of the business. To do this you need to get to know the people concerned. What are they really good at? What do they really want? What they may need is someone to help them sift through their baggage and sort it out, rather than make them throw it out of the

More about Essay On Family Business

Open Document