You own a family business, or you’re part of a family business. Maybe you’re the founder or one of the presumed successors. Wanting the family business to grow and prosper, and hopefully thrive into future generations, are natural wishes and dreams. Reality and history show us that not many family companies survive for generations…both from a pure business perspective and because families don’t always maintain unity and support. Long-term success with family-owned businesses is rare and is generally the reward for those business leaders that understand the odds are stacked against them and take proactive measures to help ensure long-term sustainability.
We just published an introductory video to the Michigan Winery Benchmark Program. Check it out.
As advisors to agricultural producers, we see this all the time. Why the big difference? That’s kind of easy. People are people. We’re not all perfect and this exemplifies itself in business performance. Most have the same obstacles as well as the same opportunities. Some people are simply better at execution and make their own luck. Others aren’t.