When a family member enters the business, the emotional environment shifts. Family Business, by nature, is an oxymoron. Assuming a generally healthy family dynamic, family is a place for love and acceptance while and business an environment of what have you done for me lately. So, even the most balanced families find themselves struggling [...]
Your behavior and attitude towards the business act as role model behavior for your family. Therefore, speaking and showing positive feelings regarding the business is the best way to motivate the family to join. Express how much you enjoy it, the exciting and wonderful career opportunities and prospects for growth. [...]
When family members join the business, the emotional landscape changes. Any imperfections in intra-family communication, respect, and/or patience are exasperated by business expectations, nuances, and pressures. Even the closest and most balanced families find themselves struggling with crap from what appears to be never-ending sources. If it’s not concern over [...]
Recently I was sitting with a father and son who had reached an impasse in the succession planning process. The son, who took over operations several years ago, had been pressing his father to do more planning, i.e., transfer more stock. The father’s reaction has been less than positive as he doesn’t like being [...]
It is extraordinary for any family to have perfect interactions all the time, and if they say they do they aren’t being honest with themselves. Sibling rivalry, mood swings, personality differences and differing expectations are only a few influences making family communication fun. And the holidays, even though with cheer in the air, are [...]
“You Are like Family” is a phrase many often say to friends. Over time and connectivity, the emotional ties with neighbors, teammates and colleagues grow to feel like family. Bring this dynamic to your business, and the size and complexity of your family begins to grow exponentially. As a result, family dynamics can become [...]
Family businesses are complex and rewarding at the same time. Emotions, family dynamics and different expectations are involved, making it even more challenging. To ensure your vision for the business is carried out, and goals achieved, ensure you set the family up for success. Regardless of whether family wants to [...]
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 [...]
Conflict is inevitable in business, even more so in the family business. Understanding the impacts of differing personalities and behavioral traits is a key component for setting siblings up for success. Varying styles of communication, differing motivating factors and even differences in how one may handle stress can create unnecessary [...]
In times of crisis or stress emotions are elevated, making it even tougher to have uncomfortable conversations. Some may view these conversations as conflict, but in reality they do not have to be. When in doubt, the truth is the best policy. Communicating with confidence, empathy and authenticity can get [...]
