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a Ph.D. chasing up. in Family Businesses and Business Systems from the British University in Dubai, Dr. Adil Alzaruni studied the development and application of various family business models and the specific challenges they face.
in his bookMaintaining Family Business – Mandatory’, Alzaruni offers an evidence-based, practical approach to building on the legacy of the first generation. By providing practical tools, they aim to help family firms adopt sustainable business strategies, while caring for the planet and its people.
In interviews, Alzaruni says that businesses need to find their “oxygen point,” a term he coined to capture the concept of growth opportunity in business. However, it may not always come from within the family structure. He says companies should be open-minded about seeking contributions from outside third-party sources to ensure their stability and growth.
To build a successful partnership, Alzaruni recommends focusing on finding people with similar value systems.
“Family-owned enterprises do not have the drive to maximize profit at any cost and some may make decisions that help strengthen their social status or positively impact the wider community,” they say.
In this scenario, the selected external partner cannot focus solely on pursuing business profits or dividends.
Says Alzaruni, “In times of stress and market volatility, you may be tempted to sell some of your investments, but sometimes you can reap more rewards if you wait for the markets to bounce back. ” “Always take a step back and assess the situation instead of making any hasty decisions.”