Using a scientific approach to understand a complex system can be very helpful—and what could be more complex than a family business? Have you ever considered taking a microscope to your family business? Chemistry maybe but how does that translate to family-owned businesses? Measuring the elements of running a family business in a graduated cylinder and mixing them in test tubes sounds like a clinical approach to a business practice…OK, that might be a little elaborate, but thousands of researchers around the world are collecting and analyzing scientific data to uncover the nuances of family business—and have been for 25 years—including Family Business Council advisors. What have they discovered?
The FBC’s most recent workshop, “The Science of Family Business,” led by the renowned Dr. Schwarz, the Rick Muth Endowed Chair of Family Business at Mihaylo College for the Family Business Council, revealed the findings of this research explaining how family business consultants can be translators of this intricate science.
Dr. Schwarz offered this scientific procedure when tackling new issues or situations:
1. Know thyself
2. Learn what is known already
3. Customize it for your business
7. Do it again under framework of life cycles
At the Family Business Council, our advisors break down the abundant research findings and apply them to your specific needs. The FBC is fully equipped with resources that offer insight into the ins and outs of running a successful family business, just check out our library or stop by to speak to one of our advisors!