A Crisis Playbook for Family Businesses
Almost every family business that we have spoken to in recent weeks is being disrupted by the COVID-19 pandemic. The preliminary results of a survey we launched indicate that nearly 90% have seen some negative impact on their business. Some are fighting to stay alive or deal with a major decline in revenue. Others are dealing with greater demand and stressed supply chains. Most are feeling isolated as they make decisions that will shape their future.
There are many great resources for businesses already available to manage the impact of the coronavirus. But family businesses differ from other companies in that their form of ownership gives them the ability to take critical actions that could help them through these difficult times.