George Isaac's book, Your Business, Your Family, Your Legacy: Building a Multigenerational Family Business That Lasts, demonstrates that family businesses foster strong communities by instilling positive family values. These values strengthen not only the bonds between family members but also those they share with their employees – a unique competitive advantage.
Isaac sat down with Ramia to share his insight through a nine-step programme designed to ensure the continuity of family businesses. He advocates:
- Setting clear expectations and defining each family member’s role
- Formalising employment and shareholder agreements with binding documentation
- Planning a fulfilling retirement
- Differentiating between corporate governance and family governance
- Revising strategy to take advantage of market opportunities
- Mitigate risk by creating contingency plans
- A willingness to restructure and change personel
- Developing future leaders
- Clear communication with all stakeholders
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