This Business News Story Was Uncovered By Us From: http://www.youngupstarts.com/2019/04/24/how-to-modernize-your-family-business-while-staying-true-to-its-mission/
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by Kevin Xu, CEO of MEBO International
The family-owned business is an important and dynamic component of the world’s economy. According to the U.S. Census Bureau, about 90 percent of American businesses are family-owned or -controlled and account for half of the nation’s employment.
While many people cite the adage about separating business and personal matters, family businesses benefit from the linking the two. Because the surname and brand reputation are so closely linked, family businesses tend to focus on long-term goals and sustainability. They prioritize customer care and put a premium on cultivating a healthy corporate culture for employees.
However, these organizations aren’t without their challenges. When my father passed away, I stepped into the CEO role of the company he’d built, and the age gap between me and the executive team was an issue. Despite growing up around the company and understanding its values, I still had to demonstrate a commitment to my father’s vision. Since transitioning into that leadership position, I’ve sought to balance preserving long-held company values with modernizing our processes to keep up with an evolving landscape.
Family businesses grow, but they must also evolve with the times. If organizations can do this, they’ll be not only rich in family tradition and values, but also willing to adapt in order to stay relevant in a changing business landscape.
Future-Proof Your Family Business.
Strong values and a well-defined mission statement can help employees coalesce around a common goal and can provide an important framework for the company’s decisions. Family-owned businesses have those key values embedded in their DNA. Qualities like entrepreneurship a… Read More
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