Family managed businesses face challenges pertaining to interaction of and transaction with family members who want to build their business as well as retain the same within their family lines. Often, family businesses lack the adequate managerial and technical skills to speed up the growth of their businesses. However, since the core of these family businesses is about relationships and interaction within the family, there is a dire need to manage the business with a more objective and professional outlook.
The challenges are primarily the result of issues presented by the interaction of family, management and ownership.
The vast majority of family controlled businesses experience difficulties of moving from one person general management to an institutionalized competence that results into competitive fitness across generations.
For a family business to grow beyond the constraints, one needs to understand the underlying aspects, challenges opportunities that surround the business in issues relating to:<
- Family continuity challenges for leading family owned businesses for first generation entrepreneurs.
- Process changes required to meet cost challenges in an economy providing cheap import options.
- Staffing challenges - Issues related to finding and retaining talented people so you can take the time to grow your business
- Scaling up the business
- Usage of technology and access to information.
MCA understands the dynamics of Family Managed Business model and provides solutions in terms of separation of ownership and management by bringing in professional team to manage the business operations and give adequate prominence to the family members for smooth functioning of the business.