- \r\n \t
- Provide training workshops for all members of the family on how to start a company and create a business plan, trusting that they will see the light in the future of the organization itself.<\/li>\r\n<\/ul>\r\n
- \r\n \t
- Organize forums and internal debates to give way to innovative<\/a> ideas, with a commitment to support the prevailing initiatives.<\/li>\r\n<\/ul>\r\n
- \r\n \t
- Promote internal entrepreneurship<\/a> programs, identifying potential family members who may stand out for their talent<\/a>.<\/li>\r\n<\/ul>\r\n
- \r\n \t
- Start a seed capital fund that is dependent on the board of directors and made up of members from outside the family.<\/li>\r\n<\/ul>\r\n
- \r\n \t
- Create a holding company to invest in new projects. This could entail the search for new investment partners outside the company.<\/li>\r\n<\/ul>\r\n
- \r\n \t
- Join entrepreneurial<\/a> networks (university, state-run, industrial, etc.).<\/li>\r\n<\/ul>\r\n
In many cases, the wise option is to delegate to professionals outside of the family.<\/blockquote>\r\nCommon mistakes<\/strong>\r\n\r\nDespite all the above, this process of transmitting knowledge and values also leads to mistakes that are seen all too often in the realm of family-owned business. These mistakes occur in three situations: in conflict management, not knowing how to deal with problems; in the process of preparing a family protocol, copying models from another company; and in developing the strategy<\/a>, not having the necessary capacity to create a strategic plan.\r\n\r\nTo manage these situations, first and foremost the members must create a protocol, so everyone is clear on the rules of the game. For this task, it could be helpful to have an advisory committee formed by independent professionals.\r\n\r\nIn using this protocol, conflict resolution may become more manageable. In any case, the process is more important than the content itself, since it is a time for everyone to learn how to negotiate in a healthy way by identifying the boundaries and distinctions between the business, family and shareholders. Finally, developing the strategic<\/a> plan will depend on the relationship between these three agents.\r\n\r\nOvercoming these challenges and ensuring the rejuvenation of the business is not an easy task; it is certainly not an overnight process. However, it is paramount to the survival and development of family-owned businesses. After all, in addition to making money, the people involved with these businesses have far greater motivations: they look to create value in the economic and social realms.\r\n\r\n \r\n
![\"Emprendimiento](\"https:\/\/www.ie.edu\/insights\/wp-content\/uploads\/2018\/11\/Emprendimiento-intergeneracional-eng-Recuadro-1005x318.jpg\")
<\/p>\r\n \r\n\r\n\u00a9 IE Insights.\r\n\r\n "],"wpcf-article-extract-enable":["1"],"wpcf-article-extract":["By Enrique Ogliastri<\/strong>. The new generations tasked with leading family businesses must surpass a major hurdle: coming up..."],"wpcf-article-summary-enable":["1"],"wpcf-article-summary":["Innovation is the key to survival for family businesses, which play a vital role in the economy. Generational change is always a challenge for these companies, since they must adapt the business to changing needs without forgetting the founders\u2019 legacy. Most mistakes are related to poor management of family conflicts and a lack of specific protocols and strategies. In these situations, it is important to organize internal debates, foster talent within the family, and promote new entrepreneurship capacities in the company through innovation and ambitious growth targets. In this process, it is wise to delegate to external professionals who can help to identify the boundaries between the business, the family, and the shareholders."]},"_links":{"self":[{"href":"https:\/\/www.ie.edu\/insights\/wp-json\/wp\/v2\/articles\/633905","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ie.edu\/insights\/wp-json\/wp\/v2\/articles"}],"about":[{"href":"https:\/\/www.ie.edu\/insights\/wp-json\/wp\/v2\/types\/articles"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.ie.edu\/insights\/wp-json\/wp\/v2\/media\/636268"}],"wp:attachment":[{"href":"https:\/\/www.ie.edu\/insights\/wp-json\/wp\/v2\/media?parent=633905"}],"wp:term":[{"taxonomy":"schools","embeddable":true,"href":"https:\/\/www.ie.edu\/insights\/wp-json\/wp\/v2\/schools?post=633905"},{"taxonomy":"areas","embeddable":true,"href":"https:\/\/www.ie.edu\/insights\/wp-json\/wp\/v2\/areas?post=633905"},{"taxonomy":"subjects","embeddable":true,"href":"https:\/\/www.ie.edu\/insights\/wp-json\/wp\/v2\/subjects?post=633905"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
- Join entrepreneurial<\/a> networks (university, state-run, industrial, etc.).<\/li>\r\n<\/ul>\r\n
- Create a holding company to invest in new projects. This could entail the search for new investment partners outside the company.<\/li>\r\n<\/ul>\r\n
- Start a seed capital fund that is dependent on the board of directors and made up of members from outside the family.<\/li>\r\n<\/ul>\r\n
- Promote internal entrepreneurship<\/a> programs, identifying potential family members who may stand out for their talent<\/a>.<\/li>\r\n<\/ul>\r\n
- Organize forums and internal debates to give way to innovative<\/a> ideas, with a commitment to support the prevailing initiatives.<\/li>\r\n<\/ul>\r\n