“Families” comes in all forms, shapes and sizes including in-laws, cousins, children, step children and even business partners who are also best friends. The relationships you have with those in your formal and informal family have a positive or negative impact on the achievement of your business goals and succession vision. Bickering among active and even inactive family members can frustrate, distract and weaken the focus and commitment of the management team that includes you!
In recognition of the conflicting cultures of family and business, harmony and unity are generally the byproducts of commitment, hard work and sacrifice. Establishing forums and processes that promote effective intra-family communication is critical to achieving and maintaining the Family Dynamics and Family Governance needed to build a strong business that can be sustained through multiple generations.
Sign up for our monthly e-newsletter to stay informed on how to overcome related succession planning issues.
