In this issue
Many multigenerational companies proudly tout their family heritage in signs and ads, and for good reason. Maintaining family harmony while successfully meeting the demands of business ownership is a significant accomplishment—especially in later generations, when the business has likely grown in size and complexity and the needs of more family members must be met.
But amid the pressure to keep the business thriving and the family happy, is there a chance you might be sacrificing other important principles?
In the course of a NASCAR race, drivers scoot their cars into the pits at regular intervals to have their tires replaced, whether they need it or not. A blowout on the track would be a competitive detriment and could result in serious injury or fatality. Getting new rubber on the wheels before the previous tires wear out simply makes good sense.
The sleeping giant is definitely awake. Not a day goes by that I don't see several articles on the rise of China as a global economic power. According to a recent McKinsey survey, 90% of the respondents expect their companies to be doing business in China within five years. With this in mind, my family decided to go to China and Southeast Asia for a holiday visit.
Most family businesses consider themselves fairly successful if they’ve lasted a third of a century. But that’s just a rounding error for the Metzlers, a German banking family that is celebrating its first third of a millennium.