Benchmarks for Family Enterprise Survival

In September, 2012, Dennis T. Jaffe, Ph.D., of Saybrook University and Jane Flanagan, of Family Office Exchange published Best Practices of Successful, Global, Multi-Generational Family Enterprises. Responding to the lack of solid research into strategies that support long-established family enterprises, they undertook an academic-level study with the goal of benchmarking best practices for multi-generational longevity.

Their research confirmed what has long been known among family-business advisors about best practices of family-enterprise governance, family relationships and development of next generation members:

Nurture the Family
Steward the Family Enterprises
Cultivate Human Capital for the Next Generation

Jaffe and Flanagan found that successful family enterprises strive for a balance among the three. If problems arise in any of these areas, the family does not see itself as successful.

In upcoming blog articles I will expand on each of these best practices areas, and finally discuss the importance of balance among them.


The Word From D.C.–It Takes a Team

I am writing this blog piece while attending the annual conference of Attorneys for Family Held Enterprises (AFHE) in Washington D.C. Each year’s conference brings together a multidisciplinary group of family business advisors, financial planners, psychologists and attorneys–representatives of AFHE’s wide membership base.

One of the organization’s underlying missions is to promote the well being and sustainability of business families. AFHE understands that family businesses are complex because families are complex; that seeing their challenges as business issues alone and addressing them from the perspective of any single professional discipline will fall egregiously short of achieving this aim. The best success comes from the collaborative efforts of experts.