With a business network made up of more than 85% family businesses, these are important factors in economic and social development and the generation of unlimited opportunities. Its long-term vocation translates into a less short-term vision and a stronger commitment to the future and national prosperity.

Family businesses create strong roots, legacies and assets that are passed down through generations. But one of the most valuable and unique assets for each business is its reputation and image. More when the surname is the brand.

It has been shown that a good name is essential to maintain solidarity and family unity, while keeping the business alive and profitable. In many cases this endorsement is instrumental in gaining the trust and loyalty of audiences. There are surnames that open all doors. Others less fortunate, may cause these to be closed forever.

Family businesses are established to be passed on to the next generation and serve as a source of honor. In the country there are plenty of family brands that fill us with pride, they have earned the admiration, loyalty and favor of their audiences with actions attached to ethics and good values. His storytelling becomes part of the national history, especially when family members are guided by a sense of building a better nation and collective well-being above favorable recognition or profitability.

Reputation is a victim of small mistakes and big blunders, in the case of the family business these can be catastrophic. Reputation is part of a set of intangibles that most entities simply do not pay enough attention to, such as image, corporate governance, communications or crisis management. We only remember them when the going gets tough.

As in any institution, reputation is helped by effective and efficient communications. There is no room for the ostrich strategies by which managers bury their heads in the sand as happens too often in family businesses.

Keeping a low profile and keeping quiet so as not to attract attention is no longer an option. Just googling the name is enough to build an image based on the information that is received and perceived.

Reputation is not just about making your business or family look good. It’s about ensuring that your both survive, continue to grow and develop. Achieving the “Cheers” effect, that everyone knows your name

Autor: Lara Guerrero