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Family Business Topics- Challenges (Part 2)

7/31/2017

1 Comment

 
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​Family (Personal) Challenges
 
Emotions and inability to separate business and family. Family problems and dynamics will affect the business. Divorce, separations, health or financial problems also create difficult political situations for the family members.  Emotions can interfere with business decisions, and trying to make one another happy constantly is unrealistic.
 
Tunnel vision. Lack of outside opinions and diversity on how to operate the business.  No-one, like a business coach, to ask the tough questions.
 
Role confusion. Roles and responsibilities (for active and passive family members) must be clearly defined. Absence of clear written policies and business norms for family members.  Going from family character to business professionalism can create confusion.
 
Paternalistic and Overly Conservative. Control is centralized and influenced by tradition instead of good management practices.  Older family members try to preserve the status quo and resist change. Especially resistance to ideas and change proposed by the younger generation.
 
Communication problems. Usually provoked by role confusion, emotions (envy, fear, anger), political divisions or other relationship problems create barriers to effective communication.
 
Retirement and estate planning. Long term planning to cover the necessities and realities of older members when they leave the company.

1 Comment
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8/13/2019 02:00:06 am

This kind of problem is not for all people. Most of the time, it is the rich ones who are facing this kind of problem; family business and a huge amount of many. There are times wherein they cannot separate their relationship from the business. There are also cases wherein members of the family do not recognized that they are all blood related because they were separated by envy, power, and desire. Well, there is always a solution on how we can avoid it. A peaceful way of solving problems might be enough to keep the business running!

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