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Despite these common problems, it’s possible to include everyone who wants to participate and work toward a common goal.By ensuring you communicate effectively and are open to discussion, are upfront about roles and responsibilities, and actively manage family challenges both on and off the clock, you’re sure to lead a winning venture that you can pass on to future generations.
Isaac also suggests having specific policies and processes in place to deal with family issues both inside and outside of work.
Often, home disputes don’t get left at the door and can wedge their way into the workday.
WIthout a good leader, they’re bound to fail – regardless of whether the family is involved or not.
One of the most common family business problems is a lack of clear planning, and it can be toxic to the growth and prosperity of the business. Davis, a leading family wealth and business expert and respected Harvard University lecturer, it’s vital for a family business to be well governed:“Governance provides a broad sense of purpose or mission for the group and gives the group a sense of stability. Family business systems have an enduring advantage over all other kinds of enterprise in large part because of their long-term goals, plans, and commitments.
You may face the problem due to finances, misunderstanding, competition, and disagreement about thoughts or any other reason.
Let it be the issue with your spouse, parents, children, in-laws or any other relatives.
So why is it that in family businesses, sometimes roles and responsibilities aren’t clearly outlined or assigned?
According to family business coach Pete Walsh, “Many family businesses avoid clearly outlining roles and responsibilities because they somehow feel greater clarity and responsibilities might lead to greater accountability which could lead to difficult conversations about performance.”There’s no question that performance-based conversations can be awkward, but they’re so important to the health of your business.
Whether it’s due to disagreements about the company’s future, making major changes to internal policies or external product and service offerings or difficulty influencing a family member, things can get sticky and fights can break out.
Ensuring that everyone stays happy and that things don’t get ugly can be a job all on its own.