Most companies face competition, unpredictable market changes, and the vulnerabilities of globalising industries. In addition to these challenges, family agribusinesses may have to address family rivalry, later generations’ indifference, variable family member competence, and a possibly rocky succession. Older, successful business families have to deal with estate taxes, growing membership, and the need to teach younger generations about responsible wealth management.
There are three well-documented fundamentals of a profitable, long-lasting family business:
- An active, independent board of directors;
- Regular family meetings for engagement, education and bonding;
- A constitution articulating the family’s purpose, values and polices. This must regulate family practices and expected roles and responsibilities.
In addition to this foundation, a successful family business has 10 key attributes:
Skill at resolving paradoxes
Negotiating complex family business issues presents many contradictions, such as balancing individual freedom with collective commitment, embracing both tradition and change, celebrating the past while focusing on the future, and respecting individual differences while forging shared values and vision.
The overarching dilemma is how to balance the interests of the business with those of the family. Successful families don’t hide from these problems; they discuss them fully and seek compromises. But they also go beyond compromises to develop true win-win resolutions.
For example, they may conclude that individual creativity is cultivated best by communal support, and loyalty to a group is most genuine when one has freedom of choice.
Denne historien er fra Farmer's Weekly 19 August 2022-utgaven av Farmer's Weekly.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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Denne historien er fra Farmer's Weekly 19 August 2022-utgaven av Farmer's Weekly.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
Uncertainty over Trump's stance on AGOA
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Plum pollen study reveals varietal differences in pollination effectiveness
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Study: small cuts to beef production could eliminate years of emissions
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Harnessing wind for cleaner energy
At the Windaba Conference and Exhibition, held in October in Cape Town, Western Cape, Niveshen Govender, CEO of the South African Wind Energy Association, spoke to Glenneis Kriel about the state of wind energy in the country and the opportunities that farmers can exploit.
The Cape Grace: a Cape Town icon is reborn, and her new custodians shine
Brian Berkman has had the exceedingly good fortune of spending many nights at the Cape Grace Hotel over the years. He revisits it to find it as impressive as ever.
Cutting-edge tech aiding the agri sector
Toyota Material Handling's innovations conserve resources and reduce the environmental footprint of farming operations.
Use the correct growing medium for safe seedling production
Instead of buying expensive growing mediums for seedlings, farmers can make their own mixtures from local resources, such as manure, which are economical and produce excellent results
Optimising cherry production and quality
Growing cherries in a suboptimal climate requires manipulating trees and temperatures. But with a considerable market advantage, it is worth the effort. Lindi Botha visited ZZ2's Toscana farm, which for four weeks of the year takes prime position in the cherry market.
Biosecurity & nutrition: the foundation of pig farming success
JD Mostert, a consulting swine nutritionist at CS Vet, and Dr Stefan Steyn, a veterinarian at Afrivet, shared their expertise with Sinenhlanhla Mncwango, delving into why biosecurity and nutrition are critical pillars in establishing and maintaining a productive pig farm geared for long-term success.
The business of pig farming: practical steps for success
Running a pork farm requires knowledge and expertise. Mosele Lepheane, director of a small piggery in the Free State, spoke to Sinenhlanhla Mncwango about the structured approach needed to succeed, from drafting a business plan and managing cash flow to sourcing equipment and expanding market access.
