• Embed Doc
  • Copy Link
  • Readcast
  • Collections
  • CommentGo Back
Download
 
As we all know, a family relationship will inevitably affect afamily business, and a family business will affect familyrelationship’s. Making decisions about hierarchy,compensation, or even leaving the business can becomeemotional when working with family. A family business hasto achieve a balance between logical, profit-driven businessdecisions and family caring and support.Remember that being family does not guarantee the sameprofessional goals, or a successful working relationship.Imagine two brothers working in house construction and theystart out framing houses, but as the business grows onewants to expand into roofing, while the other wants to startgreen building techniques. How do you resolve this issue?Do their children who work with them get a say?Issues like this are common and can be resolved withoutcreating family rifts. When starting a family business, findout the goals of any family members that will be involved withthe business and establish a system for family businessmeetings and how issues will be voted on (You may decideto give the founder(s) of the business more influence bycounting their vote twice).Family meetings are important. You need to make sure thateveryone in the business is on the same page in regards tothe business’ future. Talking honestly about the business on
 
a monthly basis and letting all involved family members voteon issues will prevent hurt feelings and surprises.Too often when a family member is unhappy in the businessthey stay out of a sense of duty, or are lax about their dutiesand break rules because they are family and believe theywon’t be punished or fired.Set goals. Make sure members are held accountable. Setprocedures.Remember that personal career goals should not affect thefamily relationship. For the "problem family member", letthem know that the business relationship is not working andyou love them; thus would do whatever is needed to helpimprove the relationships (even if it means helping themtransition out of the Family Business).It is unreasonable to expect any group of people to have thesame professional goals, so giving everyone to vote in thebusiness, and allowing them to leave to pursue their owngoals will keep resentment at bay.Think about what is written above. Understand it. Even ifyou are not the older generation in the opinion, in a nice way,express how you feel. Offer your thoughts and opinions. Iguarantee the older generation is thinking about these issues
of 00

Leave a Comment

You must be to leave a comment.
Submit
Characters: ...
You must be to leave a comment.
Submit
Characters: ...