A great piece with the CEO of Wilcox Limousines sharing his insights on what makes running a family firm successful. Family business owners love what they do and it is great to see the willingness to share what has worked well for them too.
A strong ethos and a sense of purpose are mentioned, the very essence of the family business brand, and they help to provide the grounding for the structures and governance used to manage the business too.
Innovation is a key theme for this family firm, and will resonate with others that recognise the need to be innovative and remaining current as a firm and relevant to their customer base too.
An additional component of success has to be the need for clear, open and honest communication with all the stakeholders, family and non-family, to ensure that there is alignment of the drive and commitment to adhere to the values and ethos in all that they do, within a suitable framework of governance of both the family and the business.
That way, innovation and drive will follow the defining values of the family and the organisation as it strives to move forward successfully.
Paul Wilcox discusses the ingredients required for a successful family business and what worked for his own company.