How will COVID-19 Impact Family Businesses?

How Will COVID-19 Impact Family Businesses?

How will COVID-19 Impact Family Businesses?
The Family Business Voice

 
 
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On this episode of The Family Business Voice, Alfredo De Massis and Farida F El Agamy speak with Ramia about the global pandemic and its unprecedented impact on family enterprises around the world.

Alfredo De Massis, Professor of Entrepreneurship & Family Business, Free University of Bolzano in Italy, and Lancaster University Management School UK, is an organisation and management scientist who specialises in family enterprise. Based in Italy, Alfredo is at the epicentre of the outbreak currently.

Farida F El Agamy is the General Manager of the Tharawat Family Business Forum and attorney-at-law. Farida works closely with businesses all over the MENA, facilitating understanding within families and between regions and people. She’s been on the ground working with family businesses to ideate and enact strategic ways to deal with this disruption as it unfolds.

– Some businesses are reacting very generously, altruistically even, doing their part to mitigate the effects of this crisis despite feeling immense pressure themselves.

– COVID-19 is a bellwether test for family business governance. Organisations with robust protocols in place will fare much better than organisations where governance is merely a piece of paper.

– The ability to collect and process data might well be the deciding factor when it comes to sustainability through the worst of this downturn. Family businesses that can use data to make informed decisions will have a better chance of reacting positively