In addition to the typical issues associated with change during a leadership transition, family owned, and operated businesses face unique challenges – largely because they are dealing with family members! It can be a very stressful experience. Failure to recognize the importance of candid conversation, preparation, and planning can result in family relationships being endangered or destroyed altogether.
JoAnne Norton, Ed.D., The Family Business Consulting Group, Inc.
As family business consultants, we often recommend that family owners join peer groups. After families have worked with a consultant to set up sound continuity plans for the leadership of the family as well as the business, there is something reassuring about meeting regularly with people who are facing the same challenges you are.
The topic of cross-generational workplaces continues to be a hot item and was the focus of our Fall Forum event. Bring it to the forefront of your monthly meetings…it needs to be talked about! See our keynote speaker Brad Szollose’s TEDx talk about just that!
When it comes to money matters in a family business, especially when more than one family member is employed, there is often confusion about who deserves what and what’s fair and equitable or just.