Family Dynamics
February 16, 2024 2:00 AM
How do you balance family dynamics with business decisions in a family-owned enterprise?
Discussion (3)
Hi Sara,
That is a really good question. As a family business advisor my career is built on helping families in business navigate that very question. It all revolves around communication and setting ground rules. Family meetings are the best place to start to make that separation. Having your family aligned makes it easier when a conflict arises, and they will arise. Just remember not all conflict is bad!
Tammy
Hi Sara,
I don't know Tammy, but I do know that there are a lot of best practices identified for family businesses so that family dynamics and the business can co-exist. :) Family business advisors are very helpful with walking families through all this and helping to set things up so that the family stays intact and so does the business. There are also family business centers - in the US they tend to be part of a university, under the business school. In Pittsburgh, we have the Institute for Entreprenurial Excellence /University of Pittsburgh (Pitt). These centers often have monthly speakers and get-togethers, which is super helpful, as just like the WPO, it gives one a peer group. These peer groups / get-togethers are cool because you are often mixing with two to three generations of a family - talk about perspectives!
Our family business is in the next generation of ownership, and we got a lot of value out of working with a family business advisor and the IEE.
Best,
Miranda Berner
Hi Sara,
I don't know Tammy, but I will make a plug for family business advisors! :) There are a lot of best practices identified for family businesses so that family dynamics and the business can co-exist. :) Family business advisors are very helpful with walking families through all this and helping to set things up so that the family stays intact and so does the business. There are also family business centers - in the US they tend to be part of a university, under the business school. In Pittsburgh, we have the Institute for Entreprenurial Excellence /University of Pittsburgh (Pitt). These centers often have monthly speakers and get-togethers, which is super helpful, as just like the WPO, it gives one a peer group. These peer groups / get-togethers are cool because you are often mixing with two to three generations of a family - talk about perspectives!
Our family business is in the next generation of ownership, and we got a lot of value out of working with a family business advisor and the IEE.
Best,
Miranda Berner
