Survival. And, SURVIVAL! How to Achieve over 100 Years in Family Business
By Barb Dartt, DVM, MS
TODAY’S ENVIRONMENT HAS CREATED A LOT OF PRIORITY AROUND RESPONDING TO URGENT AND IMPORTANT CHALLENGES – FAMILY AND EMPLOYEE HEALTH, SOURCING SUPPLIES AND COST CUTTING, TO NAME A FEW. THE CONTINUED UNCERTAINTY AND EXTERNAL PRESSURE REQUIRE FOCUS ON THE SHORT-TERM… WHICH IS THE RIGHT RESPONSE FOR IMMEDIATE SURVIVAL.
But, if you’re like 80% of agriculture and non-agriculture family business owners who have responded to various surveys, you plan to pass your business to the next generation. And sometimes, as you’re on the hamster-wheel of survival, it’s hard to find time for action that will drive this long-term goal of continuity. That is, a goal of not merely surviving today but creating the conditions within the business and the family that allow your values, your legacy, to last beyond your own lifetime. Accomplishing the building blocks that support long-term goals might feel like “one more thing” that you just don’t have time for – especially right now. Happily, there’s been some great work done recently that highlights the practices of “100-year family enterprises, ” detailing the actions they took, early in their evolution, to sustain business success and family harmony. Learning what they prioritized can make it much more manageable for you to keep one eye on survival today…and still spare some attention for the high payoff, long-term practices that will support your goal of family business continuity.
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Summer 2020 — Partners