{"id":9574,"date":"2019-09-03T09:19:31","date_gmt":"2019-09-03T08:19:31","guid":{"rendered":"https:\/\/www.eurideastranslation.com\/?p=9574"},"modified":"2019-09-03T09:19:31","modified_gmt":"2019-09-03T08:19:31","slug":"family-run-business","status":"publish","type":"post","link":"https:\/\/www.eurideas.com\/fr\/family-run-business\/","title":{"rendered":"We are family \u2060\u2014 but are we business?"},"content":{"rendered":"<p>Families are the\nsmallest units in our societies, but, if they engage in business, these units provide\nstable economic power based on personal relations. Let\u2019s see whether this is a recipe\nfor success!<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Families\nthat made business history<\/h2>\n\n\n\n<p>When mum and dad decide\nto open a little corner shop or cousins embark on a startup adventure\ndeveloping software in a garage, they share this journey with many ventures.\nFamily businesses are the backbone of the global economy, with two-thirds generating\naround 70-90% of global GDP, according to 2017 data from the Family Firm\nInstitute. <\/p>\n\n\n\n<p>Some of the newcomers\nwill also share the humble beginnings with many top global enterprises of today.\nUS discount chain Walmart, a steady leader of all business lists, was founded\nby the Walton brothers in 1945 and now has a revenue of USD 514bn. Europe is\nnot far behind with Germany\u2019s Volkswagen, of the Porsche and Piech families,\nwith a revenue of EUR 235bn. Other well-known brands like Novartis, Dell or\nAldi, also trace their origins back to families like Sandoz, Dell and Albrecht.\n<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Some\nessential advice<\/h2>\n\n\n\n<p>When it comes to\nfounding a new business, doing so with family members seems like a safe bet to ensure\na high level of trust and commitment and achieve a lower level of costs. Some\nare even fascinated by the idea that their family name might someday become\nfamous and make history. <\/p>\n\n\n\n<p>That hasn\u2019t changed\nwith the coming of the startup age. Meanwhile, a family venture has always come\nwith its specific challenges. But how do you avoid the pitfalls and make the\nventure a success? <\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Business is business:<\/strong> Set clear limits about where family life ends and business begins. Determine roles, communication, and pay according to market standards and not personal feelings. The best thing is to put everything in writing. Seeking outside advice might help in more problematic cases. <\/li><li><strong>Define your family values and stick to them:<\/strong> PwC\u2019s <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.pwc.com\/gx\/en\/services\/family-business\/family-business-survey-2018.html\" target=\"_blank\">Family Business Survey<\/a> says that clear values are the best way to overcome today\u2019s challenges of digital disruption. A commitment to your values helps to focus your activities, navigate complex decision-making situations and wins the trust of your customers. <\/li><li><strong>Plan for succession:<\/strong> If you have a vision of growth, you must plan for the times when decisions will not be made by you and your first partner(s) alone. Very few family businesses make it through the third generation, and the main reason for that is poor planning, according to EY and University of St. Gallen\u2019s <a href=\"https:\/\/www.ey.com\/en_gl\/growth\/how-the-world-s-largest-family-businesses-are-responding-to-the-transformative-age\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Family Business Index<\/a>. A governance framework established early is a tool to prevent the breakdown of relationships and secure a stable background for future generations. <\/li><\/ul>\n\n\n\n<p>If you and your family members have equal understanding of your goals and how you want to achieve them, starting a business with family can be a good idea and the beginning of a rewarding journey. <\/p>\n\n\n\n<p><em>Written by Anik\u00f3 J\u00f3ri-Moln\u00e1r<\/em><\/p>","protected":false},"excerpt":{"rendered":"<p>Families are the smallest units in our societies, but, if they engage in business, these units provide stable economic power based on personal relations. Let\u2019s see whether this is a recipe for success! Families that made business history When mum and dad decide to open a little corner shop or cousins embark on a startup [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":9576,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[19],"tags":[],"class_list":["post-9574","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"_links":{"self":[{"href":"https:\/\/www.eurideas.com\/fr\/wp-json\/wp\/v2\/posts\/9574","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.eurideas.com\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.eurideas.com\/fr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.eurideas.com\/fr\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.eurideas.com\/fr\/wp-json\/wp\/v2\/comments?post=9574"}],"version-history":[{"count":0,"href":"https:\/\/www.eurideas.com\/fr\/wp-json\/wp\/v2\/posts\/9574\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.eurideas.com\/fr\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/www.eurideas.com\/fr\/wp-json\/wp\/v2\/media?parent=9574"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.eurideas.com\/fr\/wp-json\/wp\/v2\/categories?post=9574"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.eurideas.com\/fr\/wp-json\/wp\/v2\/tags?post=9574"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}