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5 Big Mistakes To Stop While Growing Your Family Business.
We scaled the business to $60M when we overcame these mistakes the hard way.
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In 2021 my family business hit $60M. In 2014 we made $16M in revenues.
Family businesses are friendly environments. But they rarely overcome the 2nd generation. They don’t adapt their mindset to grow. We scaled the business because we changed our approach.
Here are the 5 biggest mistakes we stopped making:
Lack of Speed.
People focus on preserving the same pace year after year.
We were measuring productivity based on historical performances. The key was to question this idea and start looking for the best performance possible.
Same management for decades.
Every moment of a company needs different management skills.
But we were choosing managers based on experience from the 80s. They didn’t grow fast as the market. When we started to fill management with talented people, revenue exploded.
