What do Family Businesses Need to Last?

On this episode of The Family Business Voice, Rob Lachenauer and Josh Baron speak with Ramia about their new book The Harvard Business Review Family Business Handbook, and why we should challenge common misconceptions about family business.

Rob Lachenauer, CEO and Partner at Banyan Global is an entrepreneur and consultant who advises owners of some of the world’s leading family businesses.

Josh Baron is a Partner and Co-founder at Banyan Global. As a family business consultant, Josh has worked with a diverse range of family enterprises around the world, helping them manage conflict, achieve their goals, and move their businesses forward. He also teaches family business courses at Columbia Business School

Episode Takeaways

• Many misconceptions exist around the family business — that family businesses are hotbeds of conflict, that family businesses aren’t agile, that the family business model becomes less relevant day-by-day — and these misconceptions, which proliferate in part because they make such good stories, can be harmful. Family businesses must understand that these ‘weak spots’, complicated family dynamics, for instance, when managed well, can give them a competitive advantage that non-family businesses can never access.
• Family businesses are exceptional survivors. While they may not be able to pull together as much capital as quickly as non-family firms, their history and identity gives them a natural acuity for prospering in harsh environments.
• The value of family ownership shouldn’t be underestimated. Family ownership influences every aspect of the organisation, especially the more innate factors including culture, which positions a business for success or otherwise.

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