INNOO vision in nine statements
Family businesses are like any other business. They do, however, have their own unmistakeable family DNA. It’s what makes them special and often particularly strong as well. It also means that there are a number of challenges. INNOO has formulated its vision on family businesses in the following nine statements that we would like to discuss with you. After all, INNOO believes in the strength of family businesses, understands their challenges and develops and delivers the solutions together with you.
- The long-term success of the family business is a lucky shot unless based on an owner’s vision and strategy.
- Leadership of the family as an owner falls short if the proper governance or the right leaders are not in place.
- The executive board is responsible for the business strategy.
- The biggest mistake executives can make is sidelining the family.
- The biggest mistake the family can make is trying to carry on without experienced outsiders.
- The family businesses’ biggest pitfall is harmony.
- Succession is the mother of all challenges.
- Without proper governance there will be no proper succession plan.
- Appropriate solutions are obvious and will reveal themselves but they need structure, communication and a fair process.
The family constitution to built a constructive relationship between the family and the business.
Internationalization to secure business continuity for the future.
The ability to attract and keep talented people.
Structuring of the business assets to minimize tax payments upon transfer and keep the money available for investments in the company.
Dividend policy: keep the profits within the company or have an active dividend policy to diversify investments.