Declining Family Business

[raaman]

The idea of generational decline in family businesses is nothing new. The old adage from generations to generations seems to exist in one form or another in many cultures and traditions. The common assumption is that the decline is due to some kind of generation gap, with successive generations feeling less motivated and less capable of leading the family business.

But the decline in business activity of a family business over generations is not inevitable. Instead of focusing on important issues between generations, families should focus on correcting mismatches in expectations and needs. Therefore the emphasis on increasing the entrepreneurial capacity of the next generation, combined with efforts to provide opportunities for the next generation to act entrepreneurially should increase.

 

[Suba]

As far as I know, there are often differences in strategy or methods between the previous generation and the next generation who run a family business, especially in opinions/ideas, vision and mission, I think it would be better if every family member was considered an investor, so that in family business meetings all ideas and opinions can be shared. put forward and take the best based on agreement. In family businesses, it is also necessary to innovate to adapt to current developments, where old methods/strategies may be outdated or less useful for the business. Successors who manage the family business also need to maintain the business image and good name of the previous generation,

 

[Augusta]

it is always unfortunate that a business that was built over time and was successful at a time become non progressive after a while. Sometimes it might be due to the death of the original owner. blike you rightly mentioned at this point they will be a kund of decline as the original manager is no more and the new popple don't know how to successfully manage it

The best bet will be to focus on seeing how to run the business with the time or bring in people that can help run it.