It is widely acknowledged that a huge proportion of enterprises within most of the major OIC economies are family run businesses managed along traditional structures with leadership positions going to family members. This approach is restricting their ability to prosper and in many cases causes them to lose their markets as multinationals and regional players with the best talents and professional structures proliferate.
There is however a strong desire to change. A glut of management training seminars, conferences and consulting services is beginning to pop up everywhere in the Middle East. Consulting firms such as BCG and McKinsey now have established dedicated presence in the region.
Family businesses that will raise their management practices and skills utilizing the growing availability of management training/ services will be able to survive in the highly competitive global marketplace. Family run Turkish conglomerates have proven themselves as the best examples of transforming into professional competitively managed businesses.
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