Have you ever wondered how succession looks through the eyes of the successor(s)? Plenty has been written about “how to” for the exiting seniors, but little has been said about how this looks and feels from the next generation in a family enterprise. Here are 5 best practices to mitigate conflict and smooth the way for the next generation.
Sibling rivalries can leave families ruined and businesses destroyed. To avoid sibling rivalry overdose, families and businesses need to establish “best practices.”
Regardless of how your business was formed, or what your family system looks like, the family dynamics, culture, traditions and collective personality will permeate the business. As a family business you should embrace that and make the family and the company better because of the relationship. You will best do that by having the necessary discussions around both the kitchen and board tables to forge the right connection. Having those conversations will eliminate future conflicts and add tremendous good will to your balance sheet.
Some see the family business as a golden goose whose eggs they harvest and pawn, but want to take no responsibility for the health of the goose. Here’s how to develop good practices and maintain family harmony while working together toward common goals.
If good boundaries are established and maintained, then the typical borders that cause family business war – love, hate, greed and jealousy – will remain good reading in novels and not be the basis for real life soap operas.