Family businesses are unique. Rooted in family culture, traditions, and values, family businesses can be a source of great pride, and at the same time, can be a source for emerging conflict. Management policies, practices and communication may look quite different from that of non-family based organizations. The very elements that give a family business its strength can also present the greatest challenges to its sustainability and growth.
Family businesses often face issues that other organizations don’t have to contend with, including:
- Interest and abilities of next generation
- Perceived unfairness arising from family relationships
- Sibling rivalries and other competitive family relationships
- Extended family and spousal relationships
- Interplay of family and business interests
When family businesses go through transitions – be they about ownership, leadership, or business focus – traditional corporate decision making strategies don’t always work. Family dynamics become increasingly important and simmering rivalries can become catalysts to costly stonewalling.
Mediators and family business consultants from Agreement Resources, LLC can help family members better identify the underlying issues that are affecting their decision making. Having a neutral party facilitate a conversation about what each individual wants — out of the business and out of the family relationships — can be very effective towards achieving resolution.
To learn more, call us at (617) 621-7009 or use the link below to schedule a complimentary consultation.