International EMBA Brussels
International EMBA Vilnius
#BMIpresents with guest speaker Šarūnas Dyburis, Managing Partner at AIMS International Lietuva, graduate of BMI 4-Continent Executive MBA Class XVIII.
5.30 pm, May 7, 2019 at BMI Executive Hall, Konstitucijos ave. 7, Floor 31, Vilnius
The family business is the oldest and most widely used form of business. Family businesses are very important participants of today’s business world, comprising from 60% (in command economies) to more than 90% of all business (in market economies). The oldest family-owned company that still operates is Kongō Gumi, which was established in 578 AD.
Such impressive longevity is rather an exception. The statistics for family businesses surviving a generational transition are unfavourable. Only 1/3 of all family businesses survive to the second generation, and only 1/10 survive into the third and further generations.
Solutions for family business succession are never easy. These are not only business-related but psychological as well. Losing social status, lack of effective communication within the family, resistance of the children to be involved into parents business to name just a few.
In the presentation author will propose solutions for closing gaps in acknowledging the inevitability of retirement, the need for timely succession planning, the involvement of family members, psychological difficulties related to hand your “baby” over to a successor, and the importance of having other plans in one’s life.
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