Al-Ruzizea: The sustainability of family businesses lies in the balance between management and ownership
The Chairman of the Asharqia Chamber, Badr bin Suleiman Al-Al-Ruzizea, confirmed that family businesses are a major component of the national economy. There is a general and private need to support the factors of their continuity across generations, especially since most of them face this challenge after the departure of the founder, saying: The best solution for the sustainability of family businesses across generations is the occurrence of Necessary changes in the philosophy and behavior of the original owners that support the balance between management and ownership, and the full realization that the management and sustainability of family businesses depend first and foremost on working as a homogeneous team that is compatible with governance systems and the vocabulary of transformation.
This came within the framework of Asharqia Chamber's continued preparation for the launch of the second national forum for the sustainability of family businesses, which will be launched on December 13 and 14, under the auspices of the Prince of the region, His Royal Highness Prince Saud bin Nayef bin Abdulaziz, and in cooperation with the National Center for Family Enterprises, with the participation of a group of International and local experts specializing in governance, finance, and sustainability of family businesses, to review the most recent developments in sustainability, management, and alternative financing solutions for family businesses, as well as successful experiences in sustainability at the local and international levels.
Al-Ruzaiza said that the forum will discuss, over two consecutive days, a set of topics of importance to governance and the transmission of leadership across generations, as well as alternative financing solutions for family businesses, the most prominent factors supporting business continuity and global developments regarding their conditions in light of the major changes taking place in the global economy, and others. One of the issues related to family businesses.
Al-Ruzaiza pointed out that governance comes at the top of the most important factors for achieving sustainability in family businesses, which depends in large part on raising awareness and learning about successful family business experiences in achieving sustainability and its mechanisms and tools in achieving this goal, and that the forum comes as a continuation of what the Chamber constantly proposes. On family businesses and the importance of their sustainability, noting that it is a message that the Chamber is always keen to send to family business owners and representatives of the importance of applying governance rules and procedures.
Al-Ruzaiza added that, given the successive changes in the national economy, brought about by the Kingdom's Vision 2030 AD, whereby increased reliance on the private sector as an essential pillar of growth and development, and because family businesses are a significant component of the private sector, the forum tries to enrich family business owners with the latest trends and best practices. In the governance of family businesses and everything that would maintain the continuity of their businesses of all kinds.
