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It has always been important for a business to adapt and manage change. The culture of many successful family enterprises has evolved to use their closely held ownership to their advantage in being able to move quickly.
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If you were to think of what change has looked like for you, technology would probably be one of the first things to come to mind. However, something else has changed which could be bigger than the technological advancements, and that is the increasing frequency of external events that disrupt the operation of business as normal. In the last 20 years, nearly every business has had to change, adapt, and react to event-triggered disruption, notably:
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1. September 2001: 9/11
2. December 2007 - June 2009: The Great Recession
3. March 2020 and ongoing: The COVID-19 Pandemic
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So, the corollary to the old saying, “The only constant is change,” may be, “Disruption is the new normal.” Disruptions like these are often referred to as ‘Black Swan’ events because of their rarity. However, they now appear to occur often enough to be classified as cyclical.
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About Policy and Taxation Group
Policy and Taxation Group is your voice in Washington on economic freedom. We advocate for policies that allow American families to fully enjoy the economic liberties and benefits of a robust free market unique to our nation. For over 25 years, we have been the loudest voice in the nation’s capital on eliminating the death tax. This ill-conceived tax has a destructive impact on families, family businesses, job creation, and the national economy.
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