Legacy and Family - The Family Business Community
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This community wants to bring together people and companies that want to share, learn, know, teach or inspire family businesses and business families to strengthen and become more professional, so that their legacy becomes long-lived and is passed on to the next generations. The profile of these family businesses is varied: from small businesses to large companies. The greatest concern of entrepreneurial families is to survive the passage of time. Out of every 100 open and successful companies, only 30 reach the 2nd generation and only 5 reach the 3rd generation. This scenario is worrying and requires attention not only from companies and their families, but also from all professionals and agents of change who aspire to the success of these businesses. Connect with the universe of these companies and learn about many successful cases through reports from family members, consultants and other professionals and stay on top of the challenges, difficulties, skills, achievements and opportunities that inspire the search for the perpetuation of your business legacy . The greatest tool for creating value is information. Together we are stronger. Create your profile and join us on this journey in search of exchanging information that can become your company's competitive advantage.About the Community
The Family Business and its Capacity to Manage in Times of Crisis
(Language: Spanish - to translate, right-click and select the translation option or by clicking on Google settings, via Smartphone)One of the main characteristics that the family business presents is its ability to face straight and challenges. It has to be familiar, it is one of the primary competitive advantages of this type of organization.
Family companies, unlike other organizations, have unique characteristics. In accordance with the theory of complexity, this grouping presents a greater degree of sophistication in its components, transforming them into unique entities with very peculiar qualities. According to this theory, complex systems are endowed with better resources to adapt to environments whose variables are not constant, allowing them to face contexts with a high level of uncertainty. This adaptive change is possible through the intrinsic dynamics implied by the business-family binomial, which makes it easier for them to self-organize, adapt to changes and continue incorporating new learning.
From the point of view of the theory of resources and capacities, these types of organizations are sufficiently endowed with specific intangibles, which derive from the confluence of the company - family system, generating proper, inimitable and specific capacities of the business family; everything that comes with a special interest for your analysis.These qualities reflect an unmatched competitive advantage with the rest of organizations, in virtue of which they are able to create favorable conditions that generate innovations in the various aspects of the group, allowing them to achieve greater adaptability around and increase the potential to face it. complexity of the medium that works.
It should be noted that this type of company throughout its history, is forced to face situations of various kinds, namely: prosperous moments, stability and adversity. Among the latter we can name those who come off the business line, those who come from the environment in which they are immersed, as well as those who come from particular family relationships. All of them, either directly or indirectly, will undoubtedly impact the fate of the organization.
This typology of groupings, with strong family influence, tends to bet on the fulfillment of objectives to a large extent, creating and implementing high-value generating strategies, overcoming any type of obstacles that may arise. This ability that family businesses boast is largely due to a highly affective and belonging component.
Family Business & Family Business
It is very common to confuse that family business and family business are conceptually the same, leading to some doubts when mentioned. They are not the same, although they have very similar characteristics. Let's conceptualize:“ The family business , like any and all companies, is a human creation whose purpose is economic performance through the organization of initiatives, procedures and formulas that aim to undertake a successful activity.” Wikipedia
“ Business family , is the group of people, with family ties between them, who promote the implementation of good practices and the development of competitive advantages in the businesses of which they are owners, on the assumption that they are or will become the source of generation of value for the whole family group (Zapatero et al., 2012)
Eduardo Valério, explains that the entrepreneurial family is one where the roles and responsibilities of family members in relation to the company, as well as among partners, are based on a clear set of rules. The family business, on the other hand, still does not have these rules planned and implemented and, the members are linked by kinship ties and confuse family, company and assets, it is quite common that decisions are made more by emotion than by reason.
In the book Developing the family business the family business, the authors mention that “family businesses and business families have characteristics that are difficult to reproduce in unfamiliar businesses, such as: the disposition for personal and family sacrifices in times of crisis, the strong family-business reputation in the market, loyalty and the trust existing among family members, the search for longer-lasting relationships - internal and external - and a longer and more stable leadership, long-term investments and sensitivity to social issues in the community where the company operates. In addition, in family businesses that continue to be in the market successfully, we find common characteristics, among which we can highlight: the family acts as guardian of the values and strategy that guide the business, more than as seeking to maximize profits for the partners; the family and the company's main executives seek continuity with great intensity and tenacity.
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