Behaviors and attitudes extend beyond the business. How you treat people correlates to their positive or negative involvement with you, your business, and your brand. Following are simple questions to identify the impressions you are creating: Have you created a culture where everyone is encouraged, respected, and provided growth opportunities? Do family dynamics enter [...]
Determining how to pay your children, nieces/nephews, cousins, siblings, uncles, parents, etc can be a complex endeavor, but it also can be simple and straightforward. Dan Schneider; a succession planner with The Rawls Group is filling in for Dr. Merlot to answer questions he has received from family business owners [...]
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 [...]
How do you mentor a child who is interested in joining your business, give them the greatest possibilities for succeeding, without making them feel and believe they need to be just like you? First, embrace that your child is different from you. So, if they feel they have to be like you to succeed, [...]
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 [...]
