In order to transition their enterprises beyond generations, family businesses must embrace what is known as conscious ownership. To do this, they must move from being conscious operators to conscious owners. We explore how families can deliberately focus on ownership to future-proof their enterprises.
“Whenever one wakes up is his own morning”- An Igbo Proverb:
What is conscious ownership?
Conscious ownership refers to an awakened state in intergenerational business families on three levels:
- Their changing priorities over generations
- An awareness of the importance of being owners
- The scope of the ownership role.
It is often said that “consciousness is the new luxury”. In the context of business families, it refers to a deepened understanding of both the importance and scope of the ownership role.