The Importance of Renewing Purpose


What do enduring family enterprises have in common? Banyan’s Dennis Jaffe explains the “hundred year family”.


Senior Research Fellow at BanyanGlobal, Dennis Jaffe joins Paul Andrews on his podcast, Family Business Insights, to talk about his book Borrowed from Your Grandchildren: The Evolution of 100-Year Family Enterprises, and other family business-related topics.

You can listen to the full interview here.

Time Stamps:

[1:08] Dennis shares how he helped to develop the field of family business advising.
[4:02] Family businesses make up the majority of the businesses in the world, so why study long-lasting, global family businesses?
[7:24] After the creation of wealth in these family businesses, the subsequent generations face the question of: what do we do with our wealth? This question drove them to make the active choice to stick together as a family and to renew and live by their values and their purpose with each generation, among other activities.
[14:20] These long-lasting family enterprises must be resilient to last and they do so by creating governance structures that support their growth and their family.
[17:25] Dennis shares a detrimental mentality that is commonly seem amongst less successful family businesses and how the more successful families combat this.
[20:15] What can smaller family businesses learn from these successful enterprises?
[23:11] How do the family history and the family dynamics affect the business?


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