It should come as no surprise that how a family business works is very similar to how that family operates on a personal level. Here is the interview I did with Benetrends Financial on “Unsticking” (their words) your small business.
I talked about some of the unique challenges to owning or operating a family business.
The family dynamics are unique. A lot of times, the familliar traits are reflected in the company structure. The bully sibling is also the business bully. Whoever is seen as the head of the household wants to tell everyone else what to do. The peacemaker smooths things over when tempers explode. The one who controls the budget at home wants to approve how every dollar is spent in the company. The strengths of individuals in the business come with the history of family relationships – it’s not easy to separate the two, and struggles ensue.
The first solution is to agree on each family member’s qualifications and the best role they fit into. This may be different than the one they have had for many years.
Read the entire interview here and what to do.
