Family Business Expert Shares Secrets To Multi-Generational Success
By: Forbes - July 30, 2018
Family business is a distinct, vital form of enterprise, representing 80 percent of all firms in the US, 85 percent in the European Union, 90 percent in the Middle East, and 99 percent in Japan. When it comes to family business, change is inevitable as the business is transitioned from generation to generation.
In Interrupted Entrepreneurship, multigenerational family business owner Raméz A. Baassiri provides insight into the array of hurdles every family business has faced in the past, and could face in the future. The lessons come not only from his own family business experience, but are drawn from historical and current case studies of dozens of other noted family entrepreneurial ventures. Diving into the causes and sources behind interruptions, the author’s research illustrates how many businesses over time have not only adapted to weather storms, but learned to thrive.
“An ‘interruption’ is anything that causes a break in continuity,” says Baassiri. “It can be a good interruption, such as the birth of a new child, or a bad one, as in the loss of a loved one. The same goes when interruptions occur in business—there is a break in continuity. ‘Interrupted Entrepreneurship’ is a moment or action that causes a change in your business. How those interruptions are handled is the key to surviving throughout the generations.”
Throughout the book, Baassiri gives readers a glimpse into history from which they will derive practical lessons, viewpoints that span age, gender, and geography, and inspiration for navigating the evolving landscape of their company’s future. He reminds entrepreneurs that though interruptions are uncontrollable, you can choose how to confront and deal with those interruptions—and do so in a beneficial way that will guide family companies into lasting success.
Article Source: Forbes