There is a lot of emotion tied up with family-owned businesses: There may be ’sores’ or misunderstandings amongst family members. Some may feel demeaned. Some undervalued.
Whilst family-owned businesses tend to be successful the family needs to take care that it succeeds for the family as well as for the business and that the right framework is in place both for management, ownership, financial rewards and succession.
Conflict comes out of not addressing any of these:
- Who owns what?
- Who does what?
- What about in-laws and happens if a family member divorces or dies?
- How can you deal with sibling rivalry?
- Who gets dividends
- The business founder struggling with dealing with the business and family issues
- Worry about the business staying in the family bloodline.
- There is a dominant family member in the business
- There are worries in the family about shares being passed on – to who, how & when
- Who has a say?
- Same family members putting in more hours or effort than others.
These are delicate family matters that need to be handled with fairness, transparency and pragmatism but they do need to be thought through, documented and filed away until something happens, and of course ‘something’ will…
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The sister who didn’t pull her weight
“Jane was brilliant, she was good to work with and great at pushing back to make sure that I didn’t accept anything that may be detrimental to me in the future. Great professional, would definitely recommend her. Thanks Jane”
Don’t let disharmony, misunderstandings sour the family business, call Jane Latham for a free, no obligation basis to find out more about keeping you and your family business on a secure footing now and for the future.