Families in business must not fall into the trap of believing what has happened in the past is right for the future

You only have to walk down any strip shopping centre or drive around industrial parks to see lots of lease signs on many shop fronts and factory fences.  For many, the business closed due to a failure to keep up with change or an inability to reinvent their business model or adapt to changing market conditions. 

The generations in a family business must get together and start looking into the future and challenge what they will be doing in ten to fifteen years time. You have to be able to paint a picture of the future based on what you predict will happen. That's not easy given the past pace of change business is confronting in 2018. If you go back fifteen years you would not have been able to see some of today's innovations.

The key issue will be your ability to adapt to change quickly and how flexible you are in meeting new challenges. This will only happen if all family members working in the family business keep the conversations going and collaborate to achieve a common vision.

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