Recently released the 25th issue of "Ailyah" newsletter that was launched by Asharqia Chamber, represented by the Media Department, to highlight the family business sector in the Kingdom and beyond.
The bulletin addressed a range of topics related to the governance and transformation of family businesses into a contribution by shedding light on forums related to family work at home and abroad.
The bulletin addressed the positive impact of the commitment to recruitment procedures and the balance of the Board of Directors to the leadership of family businesses to move seamlessly to the fourth generation through presenting the experience of IDEO PILE. The company was founded for more than 90 years in West Chester, Pennsylvania, USA, while today's fourth-generation grandchildren are engaged in the company's business and are preparing to take over the company's $325 million turnover.
The bulletin also contained an exclusive dialogue with the family business professor and director of the Family Business Institute at the Otto Beisheim University of Management in Germany,« Nadine Kammerlander ». She stressed that any country aimed at economic development in various sectors, therefore, it is certainly reflected positively on the prosperous future of family businesses, and that the education of family members of future generations is crucial to the success of family businesses.
Family businesses can thrive only if their owners are well educated and know how to make the right decisions. She pointed to the benefits that family businesses can bring to the financial market whether by saving money, expanding their existing business, and creating new businesses in order to add professional nature of its work.
Thus be more attractive to new management talents, advising family businesses not to copy the governance mechanisms of other companies, but to think about specific and appropriate mechanisms to help them become better.
The bulletin included coverage of the most prominent events related to the governance procedures and the interactions of family businesses by highlighting the report of the group «Deloitte» that said that 89% of new generations in family businesses see business partnerships as an opportunity for innovation.
The new study that was done by the Leidar Group, which specializes in media communications, stressed the importance of developing family business media communication because it is closely related to sustainability goals.
