Juggling the diversity of expectations, relationships, and motivations in a family business can feel like a delicate balancing act.
On one hand, you have the family perspectives, rooted in a long history and a belief that they know you best. On the other hand, there are the business perspectives of loyal employees who have witnessed your growth and are considering joining or have been a part of the business for years. Both sets of perspectives are often influenced by stereotypes, relational baggage, and fears of nepotism or being replaced. With so many plates spinning in the air, it’s easy to overlook individuals and their unique motivations, perspectives, and goals.
A family business can be an excellent environment of collaboration, creativity, and opportunity for blood family members and the extended family community. However, successfully managing the spinning plates of expectations requires a commitment to personal development, nurturing relationships, and setting clear expectations. A family business environment can quickly become chaotic and disruptive without a commitment to find a win-win-win for all involved.
Our “Family Business Balance” resources offer valuable insights into the perspectives influencing a family business environment. By understanding and addressing these dynamics, everyone can thrive and achieve their personal, family, and business goals. Remember, no amount of business success is worth sacrificing your family relationships.
Family Business Resources
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 [...]
Four Secrets to Family Business Holiday Success
When it comes to the season of family, otherwise known as “The Holidays” it is common to experience fear and anxiety. We all want it to be like the best holiday movies, but the reality isn't a hallmark movie. There is a secret to creating a happy holiday, or season [...]
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 [...]
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 [...]
