Spot It.
Some family members want to take over, others want to sell and some just want their share. Conversations get tense, so they stop happening. Decisions get postponed to keep the peace, while the business and the relationships both carry the strain.
Sight It.
Family businesses mix business decisions with personal relationships. Expectations about who gets what, and who runs what, may never have been discussed openly. Roles and ownership may be unclear. And old family history can make objective decisions much harder than they would be in any other company. We find that disagreements get easier once everyone has had a chance to say what they want out loud, without having to decide anything yet.
Solve It.
Create a fair process:
- Hold a family meeting focused on hopes and concerns, not decisions.
- Consider using a neutral outside facilitator.
- Separate ownership, management and family roles.
- Agree on a process and a timeline for making decisions.
- Get professional advice on the legal and financial options.
A fair process protects both the business and the family.
Fixed it yourself? Great. Want help making it stick? Talk to a Troubleshooter.