Do You Recognize These?
- The family is ready to transition, but doesn’t have a plan.
- The current generation is ready to retire, but no one is identified to lead.
- The current generation sees children, not adult professionals.
- The current generation doesn’t trust the decisions of the next generation.
- The next generation has too many who want (or expect) to lead.
- The next generation feels obligated to carry on the business.
- The next generation wants to try new things, but the current generation is holding up the process.
- The next generation doesn’t want to disappoint the current generation.
- Family members feel entitled to special treatment that other employees don’t receive.
- Family members don’t respect differing opinions and the value that others bring.
What If There Was Another Way?
Successful family-owned businesses recognize that they need to set clear expectations related to how family members become employees, how they are promoted, and how to be considered for leadership roles. They create development plans for family members and other employees so that everyone has the opportunity to be in a position where they can grow and use their strengths. They find ways to address the difficult conversations related to performance, succession, and behavioral expectations. Family members in effective family-owned business communicate respectfully to all employees as well as the family, building trust, learning from each other, and developing. While we know that working with family inside of a business presents its own joys and challenges, there are a lot of rewards along the way.
There are many approaches to building a family-owned business that is strong and prepared for growth and the future. Every family is different. Contact us to discuss your unique situation.