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Core values that shape the culture of family business, Challenges in…
Core values that shape the culture of family business
Informality
"I value my employees. Even if one of them commits a mistake and I suffer financial or reputational consequences, if the worker recognises and accepts the error, I will remain on his or her side. I give them more independence in the hopes of gaining their loyalty, and it works, yet sometimes with limitations." (MV)
Family Legacy and Long-term Perspective
“Over the last ten years, I've made investments exceeding $100,000. Yes, everyone might say that I enjoy it and do it for myself and my higher profits, but I recognise that I am passing it on to my son, and I want my business to keep going." (MV)
Family spirit
“I feel important, just like in a family. And I genuinely appreciate it. Of course, there may be disagreements or mistakes, but I remain a member of the team." (SD)
Commitment and Loyalty
“I've been working here for a long time; in the summer, I typically start at 6 a.m. and end at 9 p.m., but this is my lifestyle." (SD)
Challenges in maintaining and managing family business culture
Maintaining cultural coherence while growing
"When our team was up to 10 people, these informal gatherings were welcome. When we reached 20 people, there are employees who simply don't want to do it and don't understand the value of them." (MV)
Clear role definition
"I frequently take responsibility for crucial decisions that must be made fast when my father is absent, even in subjects beyond my expertise. I believe that I can do it." (VV)
"When VV works with me, we may have a few overlaps. There were occasions when we both managed or placed orders for the same supplier company. We both want to be executives, which is a slight problem." (MV)
Reconciling family with professional corporate identities
"We truly had quarrels, and unfortunately, even after a long time, this problem remains." (MV)
"There are moments when the dad believes he knows best, and his view cannot be debated; he has unquestioned authority because he is a father, not just a boss. This puts a lot of pressure on me." (VV)
Customer-centric approach
“Of course, larger demands result in far higher revenues. But we conduct business in such a way that there are no small or huge requests. A consumer will buy spray paint today, be pleased with the service, and place an order for a hundred thousand the next week." (MV)