Family and business are challenging and can be frustrating when things are going well and “normal,” but when a crisis hits…pressure builds, and emotions can blow sky high. On the daily, it takes work from all parties involved to manage emotions. With the current pandemic we have greater uncertainty and anxiety about our physical and financial health. As a result, it is easy to feel out of control, feel panic, and beat up on the ones you love, creating conflict and frustration.
You can’t run a business like a family, and you can’t run a family like a business. Take a few minutes and listen to family business expert panelist discuss strategies you can apply immediately.
Questions Received By Attendees and Answered By Our Experts
- How to navigate the fine line of boss/relatives relationships?
- How do you navigate the right path when different family members want different things – some stay in business, some to leave.
- How to handle a situation when the founder gives unrealistic expectations to the staff – in one situation; there is a family member calling employees and giving directions albeit sometimes in a cryptic tone
- How do my kids and I get on the same page when their expectations and mine are different?
- What are some communication tactics to share information with those that are less financially sophisticated.
- Can you share some strategies to address uncomfortable subjects that are more difficult to address during crisis as opposed to normal times?
- How do I manage negative emotions of others when I am in a position to encourage & lead.
- How do I convert my negative emotions/responses to positive winning attitudes?
- How do I move beyond my negative feelings towards someone and be productive?
- Can you share any strategies for helping my son and daughter to learn how to work together?
- How can I use this time to prepare my children to take over the business?
- Can you share suggestions on how to fairly cut salaries of owners, owners kids and family members and effectively communicate it?
- How to handle the difference in work ethic between myself and my son/daughter?
- Is this a good time to take care of family mistakes – remove those who failed their way into the business and are now failing their way through the business?
- What are your recommendations on how to deal with an older sibling when you are new to the business but are now in charge?
- How to have siblings communicate and interact when only one is directly involved in the day to day operations of the family business.
- My siblings and I have such different personalities – is it reasonable to expect we can get along and work together after our parents are gone? If yes, how are we going to make it work without destroying our family?
- What polices do you recommend putting in place to protect the family from “business decisions” and the business from the “family dynamics”?
- It has been decided I will be the successor and my parents have transitioned some responsibility to me, but not enough based on the timeline. I don’t think they want to give up control. What do I need to do to continue to grow in my ability as a leader AND in respect of the organziation when the owner doesn’t want to give up control?
- I have been afraid the virus may infect the senior leaders in the business. We do not have a plan and I am worried it would create conflict
- How do I handle conflict in generational transaction process
- Navigating closely held business transitions when the next gen is not interested in continuing the family biz
- My husband & I have been business partners for 35 years. I have worked full time in the business for the past 30 years. I am also a stepmom. Now that our stepsons have joined the business, the group wants me to retire, but are unwilling to buy my shares or convert them to preferred shares. As a minority partner, what are my options, since my husband is siding with our sons.
- How to deal with the stressors coming from COVID-19 and can you give any advice on finding time and space for myself. Working with family and quarantine with family is a lot!
- How long before business returns and projections of future outlook.
- What business’ will have the hardest “comeback” after COVID-19.
- What should we be doing to be more proactive if something unforeseen happens again? What should we be focusing on?
We are here to help and share some best practices proven by research and application.
The Expert Panelists:
- Will Amerine: Partner, Managing Director – Cresset Capital – email@example.com
- Jill Shipley: Senior Managing Director, Family Governance and Education – Cresset Capital – firstname.lastname@example.org
- Hugh Roberts: Partner – The Rawls Group: Business Succession Planners – email@example.com
- Jeff Faulkner: Partner – The Rawls Group: Business Succession Planners – firstname.lastname@example.org
Contact us and we can help you with insights, other resources, and see if it makes sense to work together. At the very least, in 30 minutes, you may get some ideas you can apply to your business right away.
Family Dynamics and Family Governance
Family Dynamics and Family Governance
Family and Business alignment is hard to find when business issues liven up family dynamics.
However; with proper process, governance policies, and mutual respect built over time, a Family Business can thrive through multiple generations. Click the following links for more drill-down resources on Family Dynamics and Family Governance.
Sign up for our monthly e-newsletter to stay informed on how to overcome related succession planning issues.