Succession Planning within a Family Business
Frankly, in many of our family business engagements our goal is to preserve Thanksgiving dinner. Yes, many families that are in business actually lose that normally happy time together.
The strength of family-owned businesses is the deep bond and commitment family members naturally have toward each other. The limitation is unsettled issues that normally develop in a family and get dragged into the business. Sometimes these are long-standing, well-recognized issues. Other times their appearance is a surprise.
Often there are conflicting perspectives between family members. This is the result of views that may be clouded by experiences and feelings that go unnoticed for years. Frequently family members need coaching, mentoring, and help with resolving conflict. Succession planning can become so contentious that it is shoved aside.
Too often family members have little or no experience working in other companies. In many cases it’s necessary to help one member of the family, or several, see that their business decisions are being clouded by their limited perspective.
In a family business, commitment, love, and sound business thinking are required. The key is to determine the right balance ̶ ensuring that each is an asset and preventing any of them from interfering in the business’s success.
If you are the owner or a member of a family run business and are concerned about the future of the business from a succession standpoint, it makes sense to connect with an expert in family businesses.
To confidentially discuss your concerns with an expert in the field, please fill out the form below and I will contact you personally.
There is no obligation for this initial discussion.
David Stanislaw, Principal, (866) 222-7272