
It is a conscious process of maintaining the founder’s values and virtues. At the same time, it involves searching for practices that can address emerging situations. This approach preserves institutional memories, which become a driving force for sustainability in the business. Both intention and action contribute to cultivating the company’s sustainability and securing its future.
Anyone working for a family business should be well informed on these terms. Here, they offer a structure that can help deal with relevant issues when working in a family business. This above-shared glossary is helpful regardless of which side of the fence one is on, whether as a business stakeholder or a professional advisor. It aids in understanding the terms and responsibilities involved in family business.