Project EBA Dnipro Family Business Timelines

12/ 11/ 2020

https://youtu.be/2OdOSOZ_1Vc EBA Dnipro Office has started a new online project Family Business Timelines, where participants - founders and representatives of successful family companies of Dnipro - share their own experience and insights on the best practices of doing this form of business. Representatives of the following companies were presented as experts at the first meeting: ART-PROM, BDO Ukraine, MIM - Metallurgy & Mechanical engineering. The event was moderated by the Head of the Associations office in Dnipro Kateryna Prysiazhniuk. During the meeting we discussed how to save family values and implement them in the management of the company to achieve the most successful results, how to introduce family members into the business, how to get out of the archaism, digitalize and develop. According to the common opinion of our experts, business should be built on trust first. And your biggest confidence is always in the family members. As well as such companies can attract qualified employees not only from their own families, but also from the employees’ families. There are many nuances in involving own children in the family business. For example, participants of our meeting noted that parents expect and demand much more from their children than from line workers. Introducing family members to a common business is most effective when they have relevant experience in related fields, training or practice. Alla Savchenko and Vira Savchenko, BDO Ukraine, advised not to hope on intuition, but to study special literature about family business, gain experience, practice abroad. Veronika Belyaeva and Oleksandr Belyaev, ART-PROM, suggested using a model of indicators, remove subjective factors, develop system of agreements, as well as fulfill the goals and objectives, and only after that make a conclusion. Arpine Sargsyan and Musheg Gevorgyan, MIM, agreed that the new generation helps to bring novelty to the family business and children are often superior against parents, because the world doesn’t stand on one place, but is constantly move towards digitalization. For building a successful family business and save relationship, we can highlight the following insights: to balance between professional and emotional sphere; to be tolerant about mistakes; fluently introduce competencies and further delegate responsibilities. We thank the participants for sincere and warm communication, as well as for useful tips and insights! Also, we would like to thank the event partner Balance Business Books for the gifts to our participants and speakers! View the second issue of the Project with CENTRAVIS.

EBA Dnipro Office has started a new online project Family Business Timelines, where participants – founders and representatives of successful family companies of Dnipro – share their own experience and insights on the best practices of doing this form of business.

Representatives of the following companies were presented as experts at the first meeting: ART-PROM, BDO Ukraine, MIM – Metallurgy & Mechanical engineering. The event was moderated by the Head of the Association’s office in Dnipro Kateryna Prysiazhniuk.

During the meeting we discussed how to save family values and implement them in the management of the company to achieve the most successful results, how to introduce family members into the business, how to get out of the archaism, digitalize and develop.

According to the common opinion of our experts, business should be built on trust first. And your biggest confidence is always in the family members. As well as such companies can attract qualified employees not only from their own families, but also from the employees’ families.

There are many nuances in involving own children in the family business. For example, participants of our meeting noted that parents expect and demand much more from their children than from line workers. Introducing family members to a common business is most effective when they have relevant experience in related fields, training or practice.

Alla Savchenko and Vira Savchenko, BDO Ukraine, advised not to hope on intuition, but to study special literature about family business, gain experience, practice abroad.

Veronika Belyaeva and Oleksandr Belyaev, ART-PROM, suggested using a model of indicators, remove subjective factors, develop system of agreements, as well as fulfill the goals and objectives, and only after that make a conclusion.

Arpine Sargsyan and Musheg Gevorgyan, MIM, agreed that the new generation helps to bring novelty to the family business and children are often superior against parents, because the world doesn’t stand on one place, but is constantly move towards digitalization.

For building a successful family business and save relationship, we can highlight the following insights: