Publications
Publications
- October 23, 2013
- Family Wealth Report
Banyan Family Business Advisors On The Keys to Long-Term Resilience
By: Josh Baron and Rob Lachenauer
Abstract
Family businesses have been found to excel in resilience during economic downturns compared to publicly-traded ones. This is attributed to their focus on resilience over performance. Key qualities of resilient family firms include managing low debt, practicing frugality, and diversifying their operations. The foundation of family businesses is the family itself, as a resilient family contributes to a resilient business. Resilient families face reality, develop strong values, and improvise in challenging times. They craft honest family narratives, instill meaningful values, and are skilled at improvisation. These families embrace the ups and downs, create shared histories, and value long-term well-being, allowing them to weather economic storms and make fast decisions when needed.
Keywords
Performance Consistency; Economic Slowdown and Stagnation; Family Ownership; Family Business; Values and Beliefs; Business Strategy
Citation
Baron, Josh, and Rob Lachenauer. "Banyan Family Business Advisors On The Keys to Long-Term Resilience." Family Wealth Report (October 23, 2013).