We know the three-generational warning: The first generation Makes It; the second generation Keeps It, and the third generation Loses It!
Ownership alone doesn’t guarantee that the next generation will build the required bond with the family business. This bond, called “Emotional Ownership” tends to take shape along three basic points: the company’s vision, the family vision for the company, and the individual. The competency of family members is a key factor that must be taken into consideration when issuing decisions as a part of the family business strategy.
Defining the relationship between the family and the business is an essential step that family businesses must take. What can the family expect from the business? What can the business expect from the family? How to protect the business during the transfer of leadership from one business to another?
Protecting the Family Business Reputation
Family Businesses should always aim to maintain good brand identity in the eyes of their customers and community. Traditionally, family businesses earn more interest from potential customers or the local community than ordinary companies.
Family businesses have the advantage of having the spotlight on them, and leveraging this opportunity comes with having good governance in place and the right marketing strategy to honor the generation who established the business and the next generation of leaders.
You don’t want your business to just survive you want it to thrive. This retreat will pull together the business of family business and ensure that your brand, mission, and goals are aligned with the business and family vision.
Your retreat in the world’s most inspiring locations is hand-picked for unique cultural charm. One&Only Resorts and Private Homes are havens of outstanding style and service that place you in the heart of every fascinating environment. With incredible tailored experiences across our beach, nature, and urban locations, and spectacular spaces to simply ‘be’; unforgettable moments for your business retreat.
Alternatively, the staff at Cabo San Lucas Villas specializes in creating a totally different experience. Their all-inclusive retreat rentals offer all the comforts of home while their staff attends to your every need. Your villa is paired with a personal concierge. Private tours, charters, golf, and welcome parties with chef & butler services meet all the needs your group will require.
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