ICYMI: What it Takes to Innovate in a Family Business
Couldn’t make it to yesterday’s Lunch & Learn seminar? Not to worry. Here’s what you missed:
• Innovation in a family business is different from innovation in other kinds of businesses. The first step is often an innovation and reinvention in the family dynamics and relationships, otherwise any kind of innovation might be blocked.
• It’s about thinking differently and approaching differently. Innovation in a family business doesn’t have to be an invention or a discovery.
• Family-run businesses are innately driven by values. This is what sets family businesses apart from other businesses. Values are a family business’ core competency. They are timeless and should be preserved.
• Don’t let family issues and personal emotions dominate the business. What is the mission? Identify common goals that align. There are many resources and tools to help manage internal conflicts. Use them.
• Open communication and collaboration are necessary to bridge generational gaps.
• Honor history, but embrace change.
Lunch & Learn “Innovating in a Family Business” featured keynote speaker Ken Gilbert, President of Business Consulting Resources, Inc. and panelists Bronson Chang, Co-Founder of Uncle Clay’s House of Pure Aloha, Lari Zelinsky-Bloom, President of The Zelinsky Company, and Michael Scott, President of Scott Hawaii.