Family businesses are the core of development and sustainable economic growth, and as such, they have a special importance in the service portfolio of Recarte & Fontenla.
In addition to its great impact at a macroeconomic level, family businesses offer a series of peculiarities that must be well understood to help them in their organizational development, professionalization and good governance:
- Long-term vision and perspective of generational continuity, which implies a greater importance on the career plans of family directors.
- Progressive need for professionalization, hiring non-family professionals and directors to help achieve the desired level of excellence in the structure.
- Importance of performance evaluation, for both professional and family directors.
- Training for the new management structure and coordination of functions.
- Accompanying the headhunter and coach for professional and family directors.
- Alignment of the family with the transformation processes.
- Corporate governance and Boards of Directors.
Management skills and/or governance
At an executive level, managers of family businesses must have, in addition to the skills and professional qualifications required, an alignment with the family values, flexibility to adapt to the family culture and an open and fluid communication.
On a corporate governance level, the Board members must understand not only the strategic dimensions of the business but also the legitimate expectations of the family in its various aspects, dividends and liquidity, development of career plans for family members, respect for culture and family values.