Mentors Magazine: Issue 3

(MENTORSMagazine) #1

the same mindset that builds strong family
work environments also empowers busi-
nesses to achieve more together.

According to the U.S. Bureau of the Cen-
sus, about 90 percent of American busi-
nesses are family-owned or controlled. So,
with all the benefits of a family business,
why aren’t more of them winning in their
industries? I believe it has a lot to do with
maximizing relationships

  • and while it’s vital in
    family businesses, it goes
    a long way towards
    achieving success in any
    business model. That
    brings me to our five keys
    to success:
    1. Recognize the ad-
    vantages of family own-

One of the most attrac-
tive benefits in a family-owned business is
fast, agile, nimble decision making. The era
of digital transformation is here. Quicker
decisions must be made whether it’s lever-
aging data, closing the gap with customers,
or something else. Now, more than ever,
businesses must make decisions, as my fa-
ther would say, in a New York minute. It is
more than a trend; there’s plenty of re-
search to support an action-oriented busi-
ness model. In a review of traits linked to
organizational health, McKinsey research-
ers found that businesses scoring high for
agility also ranked within the top quartile
of overall business health. For their pur-
poses, agile companies were those who

could successfully combine speed and sta-
bility without sacrificing quality. The Har-
vard Business Review also reported that
decision-making windows are shrinking,
and managers must continually produce
results in less time.

Speed: In family-owned businesses, deci-
sions are often made immediately – with-
out lengthy approvals or formal votes. The
speed of change either
moves companies forward
or holds them back. For us,
our family is inherently a
team that wants to get
things done – we have al-
ways embraced change and
growth as being fundamen-
tal to our core values.

Stability: Many companies
struggle with balancing cur-
rent gains against business
longevity. In a family busi-
ness, stability is not in question when
words like legacy and heritage are used
daily. It simplifies decision making by es-
tablishing a preferred approach. For over
30 years, our company has thrived, and we
make decisions that let us continue that
story. Along the way, our leadership has
experienced longevity within the industry –
allowing keen insight into this now-passing
fad in the business world, and what is truly
a shift in the way business happens. That
kind of expertise is invaluable.

Commitment: With a family business,
there is a greater sense of commitment
and accountability. Younger generations

“about 90 percent

of American

businesses are

family-owned or


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