Professionalizing the family business the right way

Businesses go through stages of development from new venture, expansion and growth stage, then comes professionalization. This is according to Dr. Eric Flamholtz of the highly acclaimed 2016 book, “Growing Pains.”

The new venture and expansion stages constitute the entrepreneurial phase of organizational development. It is during these two stages of growth that the classic skills of entrepreneurship are most relevant. It is also during this phase that the need to make the transition from entrepreneurship to an entrepreneurially oriented, professionally- managed organization begins to occur. Those family businesses who are able to transition successfully experience a more rewarding and fulfilling journey in growing their businesses. How to professionalize is the challenge of most family businesses.

To address the clamor of founders, and especially second, third and fourth generation family business owners, the Center for Global Best Practices (CGBP) will feature its pioneering seminar titled, Professionalizing The Family Business – The Right Way to be held on June 10, 2016 at the EDSA Shangri-La Hotel, Mandaluyong City.

This program is designed to help founders, family business owners, professionals in the family business, and business consultants understand the challenges and the changes that must be implemented to professionalize their companies effectively. The company cannot merely add people, money, equipment, and space to cope with its development. It must undergo a transition or metamorphosis to a more improved organization that founders or business owners can confidently turn over to its next generation owners and professionals. If there is one step to take before one retires or sit back and relax, this has to happen to ensure the longevity of one’s business. This seminar will feature two seasoned practitioners who have helped many family businesses succeed in professionalizing their company. The morning session will focus on how to professionalize the family, while the afternoon session will be on how to professionalize the business. It will include the strategies, best practices and the framework for successful professionalization. Interested participants may avail of the savings in registering early and group discounts for three or more participants. Family business members below 21 years old get additional 20 percent discount on top of the other discounts offered in this program. This is a limited seats only event and pre- registration is required.

For details and a complete list of other upcoming best practices seminars including How To Set Up an Internal Audit System (May 19 & 20), Family Business Governance and Crafting of Family Constitution ( Oct. 22), Families’ Guide to Wills, Trusts and Inheritance (June 15), How To Really Read Financial Statements for Board Directors and Decision-Makers (June 16 & 17), Best Practices for Manager of Managers (July 27 & 28), How To Conduct Strategic Planning and Prepare Strategic Action Plans (Aug 11) and more, check www.cgbp.org or call CGBP Manila office (+63 2) 842-7148 or 59, Cebu (+63 32) 512-3106, Baguio (+63 74) 423- 5148, Legaspi City (+ 63 52) 736-0148.