We tend to believe that the long-term success of a family business lies in the specifics of the business and the industry. How the business fairs determines if it will survive or crash, right? This isn’t entirely true. Something else has a greater impact on the long-term success of a family business: ownership.
“Ownership of any asset confers the power to fundamentally shape it,” Devin Bird, Josh Baren, and Rob Lachenauer argue. So, understanding how to harness the rights of ownership is key to creating a sustainable future for your family business. There are five core rights to ownership. The first core right is design. Similar to an architect building a blueprint, the owners give the business its basic shape. Obviously they have to fit the model outlined by the family. But they also have flexibility to design the business.
Discover how to harness the five core rights of ownership and create a sustainable family business in “The Secret to Longevity in a Family Business Franchise? Know Your 5 Rights.” Be sure to read carefully. There are key questions that will help you harness the five core rights.
Read about the five core rights of ownership here.
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