You need professional structures to run a family business

You will find businesses around the world started by individuals, friends or family members. Our family business started in much the same way. My father was keen to set up something new and unique, a professionally managed family business. The family discussed the idea and everyone was keen to help in some way.

Many ideas were shared and many dreams were discussed. The difficult part was executing the ideas into actionable activities to achieve these dreams. You need finance and a legal framework to initiate the action. Most businesses run by family members or friends tend to ignore the legal framework. This can give rise to multiple challenges.

We wanted to get the legal framework right at the outset. So we established a limited liability company before etching out a governance structure. The Paris Gallery concept has evolved over the years. Back then, we couldn’t fully imagine what our stores would look like…

Mohammed Abdul Rahim Al Fahim, CEO, Paris Gallery Group of Companies

Read the full article published in RetailME Annual/December edition under ‘Retail Thoughts’

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