A family business has been established for many years. It has been guided to a level of maturity and success and is firmly established. For the leader of such a firm, focus now shifts from financial concerns and growing the business to an emphasis on human contact and relationships.
Instead of seeking outside professionals whose primary goal is helping the business maximize its financial wealth, older leaders of family firms seek the advice and emotional support of an inner circle of friends and relatives. Close relationships take on central importance, as do family harmony and ensuring an enduring legacy.
Understanding this shift is critical for the success of aspiring next-generation leaders and their advisors.