A family business is like a double-edged sword. Driven by emotion, these organizations have a deeper purpose beyond the nuts and bolts of business—they are full of soul.
Just a couple of decades ago, being older gave you a competitive advantage in business. You had seen more and therefore had more data points for pattern recognition and could make better decisions faster than the competition. Being older also gave you more years to network, learn about people, develop trusted relationships and access resources to take action on decisions. Today, that competitive advantage of age is changing fast and there’s a best of both worlds, if you read on.
In our experience working with hundreds of management teams across a range of “what just happened” situations, we’ve identified a set of common principles that successful management teams and advisors follow to drive value by understanding why what just happened, happened. When leadership can understand and explain the sources of change to the company and to investors, the odds of effective action increase dramatically.
At Stax, we like wine, we like data, and we like identifying value. There’s a little history here — Stax’s first commercial office in 1997 (after moving out of Rafi’s basement) was above Libby’s liquor store in Central Square, Cambridge.
We see a lot of companies missing the value at their doorstep — because there’s so much data to pull together from disparate sources and they don’t have the resources to turn that data to insights. And, we see companies struggling under the volume of data, feeling the only answer is to implement a mega-solution that will deliver everything in one dashboard — but that takes years, millions and can be high-risk.