The key is to navigating family business dynamics is to first identify WHAT you envision to be the family legacy. Is it the business, or is it what the business provides to the family? Once the legacy is determined, identifying who wants to be involved versus not, is critical to the future of the business. Four simple steps to get there include communication, transparency, formalized plans and ongoing meetings.
Watch the short video to hear Steve Nowak with Bennett Thrasher and our very own Dan Schneider’s insight on the burning question.
As you listen to this episode you will walk away with key take a-ways and will realize you will want more. Click to visit the “Burning Question” topic page to easily access the additional episodes in the series.
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- Adjusting to the new normal for industries that rely on customer interactions
- Messaging for business owners / leaders to share with their people in times of crisis
- Navigating the path when some family want to work in the business & others pursue other careers
- Addressing uncomfortable subjects that are more difficult during crisis as opposed to normal times
- Strategies for helping a son and daughter to learn how to work together
- Navigating business transitions when the next gen is not interested in the family business
- Proactive strategies to position the business for the “unknown”
- Communication tactics ease employee’s anxiety and worry
- Managing emotions of others and self in times of stress
- Strategies to increase sales to cover costs and create more points of revenue