Honolulu (KHON2) – Hawaii Business Magazine is set to host the Family Business Forum on November 8th, shedding light on the intricacies of family-owned enterprises. Steve Petranik, Editor and Interim Publisher of Hawaii Business Magazine, and Kay Mukaigawa, of Engel and Volkers, shared valuable insights into both the benefits and challenges of family businesses.
Steve Petranik highlighted the remarkable strengths inherent in family-owned businesses. He urged viewers to think about the loyalty, affection, trust, and dedication within their own families and envision those qualities intertwined with the company. These “super powers” are often key to the success of family businesses, setting them apart from other enterprises. The forum aims to help businesses leverage these familial ties to build stronger and more resilient companies.
While the strengths of family businesses are evident, they are not without their unique challenges. He acknowledged that conflicts, which arise even in the most loving families, can be magnified within a business setting. For first-generation family businesses, the patriarch or matriarch often wields ultimate authority, which can help manage these conflicts. However, as businesses transition into the second and third generations, conflicts must be addressed and resolved differently. This is where outside advisors become invaluable, guiding businesses through these challenges and helping them make the most of their family-based strengths.
The Family Business Forum on November 8th at YWCA Laniākea can be a valuable resource for family-owned businesses. Attendees will gain insights, network with peers facing similar challenges, and share experiences. For those looking to navigate the complexities of family businesses effectively, this event is not to be missed. To learn more, visit hawaiibusiness.com.
For any inquiries or further information, please contact Engel and Volkers Honolulu at 808-725-2000.