By José Ángel de la Paz

Family Businesses have managed to get through the COVID-19 crisis by demonstrating flexibility towards changing or expanding their purpose, stated Cristina Alvarado Álvarez, a senior consultant and specialist in family businesses.

“[Family businesses] have built that flexibility on another cornerstone: agile and effective decision-making, which they have had to take overnight, or within a few weeks. Furthermore, they have shown a willingness to connect, communicate, and cooperate,” said the professor from the University of Barcelona.

The family business expert spoke with Francisco Malagón, head of strategic projects at the Institute of Family Businesses for Mexico and Latin America at Tecnológico de Monterrey, as part of the webinar “Growth opportunities for family businesses in response to COVID-19.”, in EGADE Business School’s webinar series “Rising to the challenge: Leadership in the face of COVID-19”.

Alvarado Álvarez pointed out that during this contingency he has seen interesting cases of family businesses who manufacture jewelry and have used their 3D printers to make pieces for intensive care units; others, in the perfume industry, who have changed their production lines to make hydro-alcoholic gel; and some others, in the textile sector, who have gone on to manufacture materials that prevent COVID-19 infection.

“These are companies that operate in completely different sectors but have been able to expand their activities with great flexibility,” he acknowledged.

WATCH THIS WEBINAR HERE

The upcoming scheduled webinars of this series are:

Wednesday, April 22: A conversation with inspirational leaders to help address the pandemic. With:

• Ivan Lansberg, Co-Founder and Senior Partner of Lansberg, Gersick and Associates (LGA).
• Susana Coppel, President of the Coppel Community Foundation and member of the Board of Directors of Grupo Coppel.
• María Fonseca (moderator), Head of the Institute of Family Businesses for Mexico and Latin America at Tecnológico de Monterrey.

Friday, April 24: Guidance on how to find solutions using the Family-Business system. With:

• Susanne Grimm, Board Member at Estafeta Mexicana.
• Oscar Howell, Author and Founding Partner of LFE Windward.
• Fernando Sandoval Arzaga (moderator), Associate Director of the Institute of Family Businesses for Mexico and Latin America at Tecnológico de Monterrey.

All of these webinars will take place at 1:00 p.m. (GMT-6).

You can catch the previous webinars here.