Manveet Hora: 'Cohesiveness in a family is extremely important to ensure the long-term survival and success of the business – it builds internal pride and increases customer allegiance. Family factors such as trust, loyalty, and forbearance are usually less available to non-family businesses and therefore seen as a source of sustainable competitive advantage. Family-run businesses need to strategically focus on longevity, by building a long-term vision, defining an optimal structure, and prioritizing timely conflict recognition and resolution. Numerous studies have established that due to many factors, the younger generation today is in general, not as drawn to family-run businesses as their parents. As a result, many of these companies are moving from a family-managed to a family-owned model with professional management.
As their leadership needs evolve, family-owned businesses must attract and retain executives who are committed to growing the company’s legacy, with recruiting partners who understand the nuances of attracting top talent during times of transition, proactive succession planning, long-term incentive plans, and cultural fit.'