As Jay Hughes says, a family is like a mosaic. Each individual person is their own color, but together, the pieces make up a beautiful piece of art.
Despite this beautiful artwork that can be created by the family, a family business should be kept somewhat separate from the family. Why?
Imagine that you have two children. They both work at the family business, one of them on the sales floor, and the other in the office. However, they constantly fight and argue over who will be the CEO one day in the future. It’s like a modern-day Cain and Abel, that could also result in the tragedy of a broken family.
In this family, some organizational tools are needed to keep these family conflicts from creating problems in the family business.
Family and business should be together, but separate. How? With family governance to outline the responsibilities and roles of each member of the family. Some of the key points include:
With these and other strategies, you can help make sure the lines don’t get too blurred between business and family.
Answer these three “Yes or No” questions:
If you answered “yes” to 2 or more of these questions, you probably need help separating the family from the family business.
With the knowledge of an expert in family businesses, you can turn this situation around and get the necessary help to ensure each piece of your family mosaic shines with all their strength.
Need help with your family business’s policies? Follow Elaine King on Facebook, Youtube, Instagram, and Twitter for more strategies for intergenerational family businesses. Or, set up a consultation today!