3 Steps to Ensure the Success of Your Family Business

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Come to the point! From 10 companies in America 9 companies are familiar, of these only 2% survive the third generation, and become successful are you surprised? It should not, if you consider that thousands of entrepreneurs believe that house rules are the same as in the company and therefore roles in business are confused and very importantly generate losses or slow business growth.

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Do not allow yourself to continue to live in uncertainty and in business indolence! You require action now.

Business owner: If you think it’s time to make the decision to grow and expand the vision of economic and patrimonial future of your that family business that you have built with great passion, but now it is becoming a threat to the fullness and familiar harmony and do not know where to move to ensure a successful evolution, I have great news for you to make changes in the old paradigm of family business.

Pay close attention, I will share three steps to make your home business a qualified successful company that not only ensure their goals, but are allowed to grow exponentially with predictable in the long term.

Avoid corporate paternalism: Overprotect children is wrong in all areas, however when it comes to business, acting like an overprotective parent with your business partners will have dire consequences for you and the future of your business consequences. Considers that 60% of these bankrupt companies because of family conflicts. And these are generated by this confusion in Family roles vs. Entrepreneurs. Behaving well, you’re just extending the succession and delaying the development of entrepreneurial skills in your family. Being partners, build business relationships and solid corporate must become your goal.

You may also like to read another article on BSOinvest: How to open a business without money or almost – Mini Guide

You agree that there are members of your family who are not suitable for the position: Many business owners strive to make your CEO’s and COO’s families, for instance, and do not consider that:

a) They are not ready to take charge

b) Their skills are better suited to another department.

Realize this, prepare them and place them in the correct position, at the site where their contribution is maximized for the company and for the future of society.

Divest yourself of centralization: Loosen the reins of the business can be one of the hardest things for an entrepreneur and the error is that business owners believe that they and only they can make things right. You need to “franchise” your talent, your security, your intuition and excellent judgment gained in business, to climb with the people around you and you’re ready to leave the keys to the company.

Tip: You can start by delegating simple tasks that have to do with the direction and gradually increase the difficulty until you feel that the time has come to pass your estate plan.

These three steps are just the beginning for you to take bold decisions regarding the future of your business. Do not forget that you must have a strategy and a well-structured growth plan that allow you to take the next step without hesitation. If you want to learn how to build a successful and lasting family business, we contacted and know our programs to build million-dollar family business.

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