FOCUS OF CHANGE
- Balancing Work and Family Relationships
- Succession Planning and Implementation
Balancing Work and Family Relationships
Family business can be the most enjoyable experience or the most heart-wrenching – and sometimes both. Few joys can compare with a husband and wife running a successful business or an entrepreneur grooming his/her children to assume key roles in the company. On the other hand, disagreements among family members in a business can threaten family harmony as well as business success. Family business owners face an array of unique challenges with family members from gauging their competencies, to determining their roles, to holding them accountable, to resolving concerns so they don’t spill over at Sunday dinner. Though business consultation is not therapy, I offer over 30 years of experience as a marital and family therapist to go along with over 25 years of consulting with family businesses. Our loved ones are, well, our loved ones, so work with a trusted advisor can be very valuable.
The process of leadership succession is extremely important. In a family business, succession is particularly important because it often involves a transfer of ownership. In addition, most family businesses are run by the founding entrepreneur who has invested his/her heart and soul in the success of the company. Turning over the reins can be a difficult but necessary process that some founders avoid and others approach reluctantly. Consultation can help clarify the transition process and deliver the company successfully to the next generation.