Juggling the diversity of expectations, relationships, and motivations in a family business can feel like balancing spinning plates in the air.
First, there are family perspectives from those who have the most history and believe they know you best. Then there are the business perspectives of long-term loyal employees who witnessed your maturity from potentially a young age to where you are today, either thinking about joining the business, entering the business, or having had a number of years in the business. Both family and business perspectives are generally shaded in some way by stereotypes, relational baggage, the belief of nepotism, or fear of being replaced. With the family and business plates spinning in the air, it becomes very easy to overlook individuals, or your motivations, perspectives, and goals.
The family business can be a beautiful environment of collaboration, creativity, and opportunity for those we refer to as “blood family” and your extended community of family. However, anything worth having takes work to effectively and successfully juggle all of the spinning plates of expectations. Without a commitment to personal development, nurturing relationships, and clear expectations, a family business environment can quickly turn into a kicked hornet’s nest of havoc.
Our series focused on “Family Business Balance” provides insight into the various perspectives influencing the family business environment so all those associated can thrive and achieve their personal, family, and business goals. Remember, there is no business gain worth a family loss.
Family Business Balance Resources
Family Business: Avoiding the Kicked Hornets Nest
A hornets’ nest or even a beehive from afar appears to buzz with activity. It’s quite interesting to watch nature in action, which ironically is very similar to families and working in a family business. There are roles each individual plays and a set of standard operating procedures that allow [...]
Earning Respect in the Family Business
A successful family business can provide opportunities to all who are associated with the owners or viewed as family. History has proven, the odds of family business success through multiple generations dwindles with every ownership transition. However; where many family businesses have failed, there have also been many family businesses [...]
Transfer Daily Management & Remain in Control
Successful family businesses have the power to provide for many lifestyles. Owner(s) and their families, key leaders and their families, employees, and the community it serves. Many owners have the vision to transfer out of daily operations and want the business to remain under family ownership. There are many strategies [...]
Is a Temporary Successor Right For You?
The value of the business is directly related to the reliability of future profits. Potential buyers, banks, investors, top talent, and strategic relationships all care about the sustainability of business performance. A temporary, or as we call it, a "Contingent Successor," provides a business owner and their family a strategy [...]
Family Successors Too Young or Unqualified?
Lack of a qualified family member successor is a common reason family business owners decide their only option is to sell their business; otherwise, they would rather keep it as a family asset. However, for owners looking to transition out of daily operations or "bridge" the leadership gap if something [...]
4 Strategies to Find Your Path in the Family Business
It can be easy to get lost in a family business. Not knowing who you are and what you want to from what the family, key leaders, and anyone who has an opinion or stake in your or the business's future. Constant conflict or shutting down to what you want [...]
