As Seen in Multi-Unit Franchisee Report – Children in the Business, It’s Complicated
Defining the members of your business family can be difficult. Especially, when considering the idea that your family business members include anyone you do business with for reasons other than just money. As a result, family dynamics can become quite complex among minority partners you may have, whether they are blood related or not.
Whether your minority partner joined you via a stock recognition plan, equity buy-in along the way, or at the inception of building your multi-unit franchisee business, there are very simple, common expectations that surprisingly can get misconstrued. First and foremost, is simply that we are in this to make money. Period. The second is that your partner provides something that you consider important to the overall success of the organization.
Simple, right? Well, unfortunately there is at least one season of life that complicates these simple assumptions: The coming of age of children, whether yours or your partner’s.
Family and Business alignment is hard to find when business issues liven up family dynamics.
However; with proper process, governance policies, and mutual respect built over time, a Family Business can thrive through multiple generations. Click the following links for more drill-down resources on Family Dynamics and Family Governance.