Perhaps the most common problem in family business relationships occurs when there is a conflict between two family members, and one or both then involve a third family member, saying something like, “Do you know what Charles did to me?” The third person should resist getting caught in the middle. If this happens to you, …
Privacy – The 9th Key to Success in Family Business
Families in business are notorious for their togetherness. But it’s essential to respect one another’s individual privacy, as well as the privacy of each family unit within your extended family. If one family member steps over the line in asking you about personal concerns, it’s OK to say, “That’s a private matter.” Remembering this, and …
Assisting & Supporting One Another – The 8th Key to Success in Family Business
Family members who stay connected assist and support one another, especially during times of grief, loss, pain and shame. Even if you don’t like something a family member has done, you can still be supportive of that person. Families that run from the family member who’s having trouble don’t stay together. *This is the ninth …
Mutual Respect – The 7th Key to Success in Family Business
If you don’t have mutual respect for someone, you can’t do business together. This is a simple and ironclad rule. Mutual respect is built on the trust that comes from knowing you can depend on other family members, and they can depend of you. *This is the eighth post in a series of 11 on …
Genuine Caring – The 6th Key to Success in Family Business
Genuine caring means openly expressing feelings of concern for other family members. One way to let others know you care is to give them your undivided attention from time to time. That’s the best gift you can give to a family member. Taking time to write a postcard, give a family member a call or …
Maintaining Relationships – The 5th Key to Success in Family Business
You can’t talk about business all the time. Essentially, families that play together stay together. Taking time to have fun together is like putting money into the bank in terms of your relationships with family members. When times are tough, you can draw on the currency. The enjoyable times can help family members sustain their …
Willingness to Learn and Grow – The 4th Key to Success in Family Business
The family that is open to new ideas and approaches is one that can solve virtually any problem. I worked with a family where there were three married daughters in the second generation and nine young cousins in the third generation. I encouraged the cousins to form a “cousin’s council” and to initiate a “learn …
Traditions – The 3rd Key to Success in Family Business
In my family, we grew up liking cranberry sauce on top of pumpkin pie, because our father liked it. It’s an extraordinary combination! Each year on Thanksgiving, we continue our family tradition of enjoying this dessert as we sit around the table and tell stories about my father. There typically isn’t a dry eye at …
Shared Power – The 2nd Key to Success in Family Business
Shared power is not the same as equal power. The idea of shared power means respecting one another’s talents and abilities across generations, between spouses and among siblings. If one family member has a strong grasp of financial matters and another has the best operating insight, then each should defer to the other in their …
Shared Values – The 1st Key to Success in Family Business
The three most important values that family members must share revolve around people, work and money. In order for a family to share a vision for the future of their company, they must have the same views and attitudes about these three areas. Then they can move forward together. When you look at business families …
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