On October 5, the International Day of Family Businesses was celebrated. According to a note from Revista Martes Financiero, the celebration of this date responds to an initiative that arises “from the need to make society in general and all public and private institutions aware of the importance of this type of companies for socioeconomic development”.
The Panama Business Families Foundation organized an event that brought together renowned representatives of family businesses in the country to share with a panel of experts, about the importance and impact of professionalization in the continuity of family businesses.
In the Central American region and the Dominican Republic, CENTRAL LAW lawyers advise dozens of family businesses. The partners of CENTRAL LAW in Panama, Ana Cristina Arosemena Benedetti and Alida Benedetti have been advising family businesses for several years, providing support throughout the process of corporate structure and governance. For Alida Benedetti, successful family businesses in Panama are those that have managed to consolidate with the creation of a well-analyzed and organized structure that allows them to maintain their business over time and along the way, make the best decisions to continue it with an eye to the future. Ana Cristina Arosemena Benedetti adds that in addition to the organization of the company, it is key to have a corporate governance so that the family business has a control in its direction and that the management is oriented to the continuation of the company.
According to Martes Financiero magazine, the family businesses that have been able to withstand crises the most are precisely those that have responsibly promoted family governance in the company and the orderly and consensual management of succession.
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