Income and perceived success are both positively affected by defining fairness according to contribution, fostering a culture that values differences of opinions, having a business that has lasted for generations, and having more employees. Family businesses that want higher perceived success can achieve it by: defining fairness by treating all family members the same, having higher family functionality, and not having tension over the distribution of family and business resources. Overall, having components of a culture of collaboration within a family business leads to higher levels of success. Family businesses that define fairness according to contribution of family members and foster a culture of openness to opinions receive higher returns. Family businesses should strive to create a culture of collaboration in order to be more productive and have a healthy work environment for family members and other employees.
Wednesday1:00 pm - 3:00 pmRoom(s): Atrium