Relationship between Family and Company
Generally, the most important difficulty in the transfer of family companies to succeeding generations proves to be the lack of well developed long-term planning. Family companies often act without sufficient planning and long-term thinking and, as a result, they fail to survive upon the death or disability of the company's founding family member. In other words, the main reason for these difficulties is their failure to understand the importance of professionalism. When we examine "sound” family companies in this context, we see such features as interdependence, trust, mutual appreciation, open communication, spending social time together, mental health, and the ability to struggle with vital problems. Family companies unwilling or unable to incorporate these elements can be shown as examples of family companies that will not survive. Therefore, such good practice models should be realized by adapting them in accordance with the specific characteristics of each family company.
