Center for Global Best Practices

You are a startup success. Fine! But if you want to achieve your bigger ambitions and sustain the continued growth of your family business, you need to professionalize it the RIGHT way. According to Dr. Eric Flamholtz, author of the book on family businesses, Growing Pains, businesses go through stages of development: new venture, expansion and growth stage, then comes professionalization. The new venture and expansion stages constitute the entrepreneurial phase of an organizational development. It is during this phase that the need to make the transition from entrepreneurship to a professionally-managed, entrepreneurially-oriented organization begins to occur. Those family businesses who were able to transition successfully experience a more rewarding and fulfilling journey in growing their businesses. However, to most families, this becomes a challenge. To address the clamor of founders, family members of second, third, and fourth generation, business owners, entrepren