It is surprising to know that Family firms count for 2/3 (two thirds) of all businesses around the world. Family business has its own distinctive characteristics that needs hands on experience in the field. Venture International has worked with many local family businesses and supported their operations to achieve better results.
Different areas are tackled within the family business domain including the family business assessment and constitution, succession planning and leadership development.
Family business assessment and constitution: working with family is not a straight forward business! Family traditions, emotions generations among other factors creates tension, slow operations, unclear decision process, family conflicts, family power over hierarchy of control to name few. This status puts the whole family business into jeopardy. Venture International experts analyze your current status and pinpoint problematic areas of the family interrelations with business. Having worked with many family businesses, the lack of organization among family members is the main drive of conflicts. We work closely with family members understanding their concerns and issues faced. The presence of a solid constitution that takes into account different family members viewpoints helps organize the firm and improve its productivity. Putting the constitution into action requires a solid change management plan to ensure smooth transition is made.
Succession Planning: it starts simple! but with the work expansion and having more family members joining the firm especially members from second and third generations this particular issue becomes very critical. Putting the right people in the right place is a basic management practice. However, this practice becomes loose at some of the family businesses putting family members in wrong positions due to certain family politics. Venture International helps you plan ahead for your succession by studying family members and their suitable positions in the company structure. We understand that each family has its unique circumstances and a successful formula in one firm cannot be simply replicated to another firm. That is why a careful analysis for each case is made before proceeding to solutions.
Family leadership: within family business firms, identifying potential leaders and ensuring their development to become leaders of the firm can be challenging. Family traditions and politics might hinder the process of identifying and developing leaders. Our approach includes assessing family members so that potential leaders gets prepared to lead the firm in the future. With the support of the proper training program, the company can ensure its right family members are ready to lead the company and drive its efforts towards its vision.