A special heritage
Family-owned businesses (FOBs) have a unique set of dynamics. As well as dealing with all the issues that relate to growing a successful business, there are also important factors relating to the family that need careful attention such as the transition from one generation to the next.
It is the very human and emotional aspect of the family-owned business, which creates the ‘family values’ that influence how the company will ultimately take decisions. Also, compared to non-family-owned businesses which tend to be more impersonal and driven by short-term returns, FOBs are more focused on long-term value creation.