However, the specific issues and common problems faced by majority of family businesses are in the follows areas;
Most family businesses have been there for few generations and over time they have established a mould to achieve business success. They have managed to develop a recipe for success and they keep making the business thrive and grow with the proven formula.
Much like everything in life, family businesses are no exception they need to also change with changing time. The time this generation face is fundamentally different from what the previous generations have encountered.
In these new dynamics of business management, the old ways of managing things cannot make the organization grow and gain the market share in the competitive landscape.
Not just on the product and services but on the technology front to management best practices, they need to change the mould to get the new recipe in place. At the epicenter of such a changed recipe resides in the kernel of the organization culture.
The culture is something that has got deeply hardwired and needs a major overhaul to get the house in some semblance of orderliness to embrace the controlled chaos which is needed to climb the higher orbit of order.
Once the culture gets in some shape, the organization needs to reshape the business strategy to steer into a new mould of working. The new mould where the system gets it place to be placed and the new mould where external talents get the space to work.
And then there are a whole host of things that need to be done get the house in order to graduate to a higher order of working.