Invest lots of time in the next generation. Encourage innovation, even if this sometimes leads to mistakes and failures. And attract and keep good people from outside the family.
These are some of the tips for running successful family firms from six former winners of the IMD-Lombard Odier Global Family Business Award. Chairmen and top executives from Puig, Ermenegildo Zegna, The Murugappa Group, The Bonnier Group, Firmenich and The Bel Group shared their insights during a panel discussion at the two-day IMD event to celebrate 25 years of family business research and education at the school last year.