The leadership, management and governance best practices that the firm and family have already implemented are the mentoring of the next generators members to run business units in leadership positions. This best practice is valuable because it gives them hands on training in leadership and encourages them to rake up responsibility. Further, the running of business units gives them hands on experience in leadership and management.
In addition, Luisa Rangel has played an important role in family communications, successor development and transfer of power across generations. Family communications is important in giving leadership to the group. Also, it conveys the plan and strategy to each family member an enables them to evaluate the strategy considering what the members of the family need. This form of communication also encourages other family members to give their opinion on the issues. Successor development is a very delicate process of selecting the right person, matching the likings and talents of the person to a specific business, obtaining consensus from other members about the succession, giving necessary training to the person, giving her a mentor, and checking her progress for some period of time. Similarly, transfer of power is an important best practice if done in controlled manner. In a family business situation, it is necessary to transfer power in such a manner that unnecessary friction is avoided. The transfer of power has been done in such a manner at Ferrè Rangel family.
The governance best practices that have been seen have included the development of family mission statement and family constitution. These would give guidance for succession planning for a long time. further at Ferrè Rangel family there was open discussion during meetings of the business strategy, investments, succession process, and resolution of conflicts. There are several benefits of such discussions. when the business strategy is discussed at such meetings, the strategy becomes better defined and more effective. further, if the succession process is discussed during the meetings this would help incorporate the viewpoints of all persons directly affected by the succession process. Dissident voices could be heard, and a consensus be reached. The discussion of conflicts between sibling would in most cases lead to the resolving of the conflicts and a synergy would develop among the family members.
The Ferrè Rangel family has followed the best practice of education, communication, policy-making, and problem-solving. These best practices have developed a strong family management. Education helps train the family members in disciplines essential for managing a business. For instance, if a family member as a part of the succession process earns an MBA degree, the training that she has obtained in the program will go a long way in helping her manage the business efficiently.
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Family Important Role In Family Communications. (2022, Apr 11).
Retrieved September 26, 2023 , from https://studydriver.com/family-important-role-in-family-communications/
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