Ensuring owners are well-equipped for today’s fast-changing, hyperconnected world is increasingly important for family enterprise success.
Capable, aligned and loyal owners have always been an essential foundation for the enduring success of family enterprises. Owner-level decisions (such as where to bet their capital, who to partner with, how much risk to take, and who should lead the enterprise) will account for most of a family enterprise’s gains or losses.
1. Take the job of ownership seriously
Families have a responsibility to prepare owner talent in every generation. Creating talent development programs for owners is incredibly important to creating a capable and responsible ownership group.
2. Develop a strong team of active owners
Active Owners are a subset of owners called upon to take a leadership role for the owners. They are charged with keeping the ownership group, the family, and the family enterprise focused on value creation and multigenerational success. The goal is to build a team of Active Owners with what we call an Owner Mindset – one that supports operational excellence but can also gain altitude to see the big picture, embrace new thinking, and create a transformation roadmap for the family enterprise.
3. Collaborate more, control less
Flexibility around ownership control and ownership structure, with an expansive view of partnerships, help families gain access to knowledge and capital and exposure to new product, market, and investment opportunities. They also offer a lower-cost, lower-risk way to test and scale new ideas.