Back to Listing
Surviving Your Family Business
03 June 2016
the original dream was yours or was born from inspiration generations
ago, the vision is likely the same. Make it exceptional and make it last
Let’s face it: mixing family and business can be
frustrating. When improperly managed, that frustration leads to poor
decisions. It is a primary reason 80-90% of family businesses flame out
before the third generation.
As a member of a family business,
you face unique challenges that normal businesses get to avoid. Those
challenges threaten your family continuity, business earnings, and may
even prevent a successful transition to children and grandchildren.
Most often, the
cycle of family business failure is caused by a lack of communication
about important issues. People do not like conflict, especially amongst
family, so problems are left to fester. Particularly intimidating
conflicts for family businesses include:
- Non-family member employment or board app
- CEO transition;
- Separating family issues from professional issues;
- Balancing talent vs. nepotism;
- Embracing new ideas, even when they clash with tradition.
We have designed a Family Business Survival Kit
to help you overcome these, and other, issues. Therein, you will learn
about conflict prevention, management, and resolution. You will be
exposed to successful ownership transition strategies and executive
There are even sections for those who are only
thinking about starting a family business. Best of all, the kit is free
to download and easy-to-understand for anyone.