Ownership & Management

Listen to David as he describes the difference between owning a business and managing it. Managers of a business have a day-today focus, while owners have a long-term view of the future. Knowing the differences between these positions, while understanding how they relate, can help clarify the different roles within a family business.

David Bentall (6) I think that many families in business confuse ownership and management. They are two fundamentally different roles. Those who manage should be given authority and responsibility to run the business on a day-to-day basis, that’s legit, but owners do have responsibility and they also should have some rights in terms of determining the long term vision, determining the values for the enterprise, and then recruiting and appointing board members, so in a family enterprise being able to disentangle that.