Family Firm Facts – Family Owned Business Institute – Grand Valley State University

STEP Project Global Consortium – KPMG Private Enterprise 2020 Global Family Business Case Report

 

“The Courage to Choose Wisely: Why the succession decision may be a defining moment in your family business” 

Choosing the proper successor will be family business leaders’ most important legacy, and a moment of personal pride. The family business leaders in the study expressed the decision will be built upon an important historical foundation, deeply rooted family values, and a passion for what the business does, what it stands for, and the what impact it has on people and society (STEP and KPMG, 2020, p.18).

“The Power of Women in Family Business: A generational shift in purpose and influence” 

Womens’ characteristics as nurturers and caregivers, combined with their unique and transformational leadership styles, judgement, and outlook are key factors in the success and perpetuity of family businesses. Their presence as holistic managers and leaders provides additional resources that family businesses can grow and capitalize on (STEP and KPMG, 2020, pg. 11).

“Creating Value Through Good Governance: How to balance what is right for the business and for the family”

The three interdependent and overlapping spheres comprising family businesses’ systems requires proper governance in order to achieve cohesiveness. Family governance is a dynamic practice that requires transparency, purpose, intent, and flexible mechanisms to reduce ambiguity and conflict (STEP and KPMG, 2020, pg. 3 and 9).