Next generation families in the Middle East are running businesses differently
Old days of ‘hand shake’ contracts and little or no regulation are long behind them now
Dubai: Fast increasing population growth, more competition, changes in social behaviour, advanced telecommunications, improved transportation and logistics and the ever-changing regulatory environment have forced the next generation family business leaders to approach business differently.
Refocus of Family Business activity
More competition
More focus on Marketing
Corporate governance
Control & decision-making
Regulatory environment
Information Technology
The second and third generations are now working with faster computers and mobile communication devices, and are able to take business decisions much faster than the preceding generations. It’s no longer a question of being at the right place at the right time; it’s now a question of being there first with the right product.
All in all, managing a family business is neither harder nor easier than it was before. It’s just very different. Second- and third-generation family businesses are creating blueprints and paving the way for next generations’ entrepreneurs to build better sustainable businesses and taking lessons from mistakes made in the past.
— The writer is the Head of Wealth Advisory for the Middle East at J.P. Morgan Private Bank
