October 2023 | Volume 06 (English Version)
We understand that maintaining a cohesive family and a thriving business amid challenges is no easy feat. However, successful family businesses acknowledge that achieving anything worthwhile requires hard work. Operating a family business poses its own unique set of challenges, worries, promises, and sacrifices.
Through our interactions and work with family businesses, we’ve noticed that many have yet to identify themselves as a family business. This, coupled with other factors, often leads to delays in deciding to institutionalise their family enterprise.
Like many, you may too wonder as to why institutionalising is important? Among thousands of reasons, the key one is to ensure that your family business continues to flourish in abundance, success, wealth, love, and harmony. If you believe your legacy is worth prevailing, it’s time to start working, not just thinking, on establishing your family constitution and governance.
Don’t wait until these efforts become common place. Instead, begin the process of institutionalising your family business as soon as possible. Preferably, while the founding generation is still in business.
This magazine helps you see your family business in an institutional sense, to learn about its importance and benefits.