As we enter the third year of this pandemic, it’s worth reflecting on the theme of resilience.
By retaining their long-term view, family businesses have been able to not just weather the storm but also grow and thrive. Their resilience comes from other factors as well: the entrepreneurial spirit of innovating in times of crisis, and the emotional and social bonds that exist both within the family and within the wider family business group and its stakeholders.
These strengths of family enterprises are built on a foundation of shared values and good governance. As it becomes clear that we are not yet ‘over’ COVID, it’s important for families to remain vigilant and keep these foundations strong.
While they differ significantly in terms of scale and scope, it’s interesting to contrast the response of family enterprises with that of countries. For every new COVID variant, existing policies are quickly overturned and new policy is developed on the fly. Many countries have also seen an increase in social unrest and polarisation in response to government decisions. In the absence of strong shared national vision, this is inevitable in times of such stress.
Consider This: Has your family formally reflected on the impacts of COVID? In what ways has COVID shown up resilience (or lack of) within your family?
Further reading: https://www.vaughantoday.ca/a-report-reveals-that-family-businesses-have-weathered-the-epidemic-better/, http://www.campdenfb.com/article/family-business-valuable-model-resilience-extraordinary-times, https://www.worth.com/family-owned-businesses-thrive-crisis-covid-deloitte-private/, https://www.scotsman.com/business/how-family-businesses-can-deal-effect-coronavirus-2896231, https://www.forbes.com/sites/robertglazer/2020/04/01/covid-19-will-permanently-change-the-way-every-generation-lives-heres-how/#1844e046493b
This was also published at Family Business Australia.
Actionable Generational Wealth Succession
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