Situations that can harm or destroy a family business are as many and varied as can be imagined, especially those which arise in the middle of an argument. Your problems won’t likely be as famous as the Ford family’s problems – see the in-depth book by Henry Dominguez – but they can still a represent major threat to your family business.
This article introduces some of the situations that you might face.
The most common one is a member of the family just does not want to be included in the business
They basically have sports or musical interests that are more engaging for them. Just demanding that they join in anyway is not the answer. To be a part of your business you need a level of intelligence and attention that they can’t or won’t give you.
That was Edsel Ford’s situation but how he faired does not have to be how your family works it out. Discussion and understanding to find out the intensity of the person’s motivation is key to your family working things out positively.
Another common problem is losing a member of the family
The loss of a family member can be a problem because many families do not have an extra family member who is able to or wants to fill in. There are many alternatives, and your family will need to explore as many as you can to effectively deal with this.
The main ingredient for success is to show understanding and acceptance and a willingness to go outside the family in order to work it through.
Understand the key to achieving a positive outcome when faced with these situations
Just think for a moment about the consequences of not understanding, and not accepting the basic nature of one of your family’s members. That is tantamount to saying that they do not exist as a member of your family as well as an integrated human being with life needs.
Understanding, acceptance, and willingness to look at alternatives are the basis for families cooperating in a business and the are especially necessary in this situation. They are the life blood of a family, especially one in business. And they are the necessary triumvirate of skills in any family to, not only stay together, but also to prosper in life in general.
The member who wants another life path still knows how important it is to be a part of a family. Business parents are still their parents.
A blood bond is stronger than a business bond.
It may take a lot of understanding and discussion to work around any of these issues. But with the future of your business at stake, can anyone doubt that the effort should be made?
Do you have trouble with something in your family business and are looking for answers? Get in touch and confidentially discuss what is bothering your family business. We are here to help.