Abu-Ghazaleh Tackles Family Businesses at Bahrain Family Business Association Forum

People who establish family businesses fully control their businesses, and their businesses fully control them. The seeds for their success can be the seeds of failure when they hand over- Dr. Abu-Ghazaleh

MANAMA ---------October 5, 2010------- Family businesses can be more lively and active than public companies and better able to adapt to the needs of change and development, according to Dr. Talal Abu-Ghazaleh, chairman and CEO of Talal Abu-Ghazaleh Organization (TAG-Org).

As a special guest at the Bahrain Family Business Association (BFBA) Forum in Manama held under the title "Management - Ownership - Succession - Transition to a Public Shareholding Company" at Ritz Carlton Hotel, Dr. Abu-Ghazaleh recounted his journey in the business life which led to establishing a respectful family business globally through real and proven administrative mechanisms conducted in family businesses.

"The Arab world has one of the highest ratios in the world, of number of family businesses out of the total number of businesses, meanwhile, the Arab world also has one of the lowest ratios, in the world, of number of family businesses out of the total of large businesses," he said.

According to Dr. Abu-Ghazaleh, "People who establish family businesses fully control their businesses, and their businesses fully control them. The seeds for their success can be the seeds of failure when they hand over. "

"Work and family are two separate things. You need to run your business like it is a business, and manage your family affairs like it is a family. In your business give a greater reward to the more productive," he said.

Dr. Abu-Ghazaleh tackled the need to sometimes bring an external consultant who can bring new insight into the dynamic facts of your family, management and business.

"Your consultant should have analytic capabilities, comprehensiveness, of approach, ability to manage knowledge, and integrity," he stated.

According to Dr. Abu-Ghazaleh who is also Chair of the United Nations Global Alliance for ICT and Development (UN GAID) only 10% of family businesses withstand the test of time.

Meanwhile, Dr. Abu-Ghazaleh presented several key rules for family members working in the institution and pieces of advice on sound performance.

The Forum recognizes the unique joys and challenges associated with operating and sustaining a successful family business.

The Bahrain Family Business Association objectives include presenting all forms of support to family businesses and assisting them in developing their strategies and in building relations with foreign counterparts.