Baltic Family Firm Institute Hosts 2nd Annual Conference
“Family business, private citizens and private industry are better at solving problems and creating impact than governments, so government should help, not hinder, private business and investment.“
This powerful statement from Wingspan Founder, Christina Wing, was delivered at the 2024 Annual Baltic Family Firm Institute Conference in Vilnius, Lithuania. Held on June 12-13 at the ISM University of Management and Economics in Vilnius, the theme of the conference was “The Role of Family Businesses in the Context of Long-Term Sustainability.” Her advice to the audience of Baltic family business owners, many of whom are just thinking about transitioning from the first to second generations: define a mission for the business based on the shared values of the family. “Ask yourself – why does the business exist and what is the legacy the family is looking to create with the business? Having some sort of guiding star is essential for family cohesion, long-term planning, and strategy.”
She also discussed the virtues of defining governance, the importance of creating clear succession plans, and not shying away from the difficult conversations that are required to own a business as a family. Finally, she ended with a presentation on family offices and the importance of treating them like another family business, including a stated mission, governance, and succession plans.
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