How to Keep the Peace in a Family Business

Written by promotiondept

September 24, 2018

Lst Updted: Jul 30, 2018
n’t let inevitble conflicts between fmily members get in wy of your fmily-run business’ . Follow se to keep pece nd void problems cused by working with reltives.

It seems like such gret ide, esn’t it? You’ve known your fmily ll of your life—you trust m, you love m, nd you dmire m. But y’re lso fmily nd tht tends to mplify things. rguing with your business prtner is one thing but hving to sit t fmily dinner tble with m mkes things even worse.

Tlk to nybody involved in fmily business—even non-fmily employees—nd you’ll her stories of conflict, fighting, nd sometimes toxic environment. How you void conflicts tht cn spell om for fmily business?

ion Plnning

subject of fmily dynmics might seem like smll problem in scope of business sustinbility but nerly 70% of ll fmily owned businesses n’t survive when it transitions from the founder to the next generation of owners. One of mjor resons is lck of flity. founder my fil to leve ion pln tht gives one child uthority leving ledership structure tht is un.

y my fil to ccount for income, estte, nd gift txes tht trigger upon deth of founder or understnd how to csh-out correctly.

trnsition should include dvice from tx ttorneys, CPs, finncil plnners, nd or professionls specific to your business. ion plnning is not -it-yourself endevor.

Pln to revisit plns t lest once per yer to keep m up to dte until ctully ion tkes plce.

Keep Books Open

If somebody else holds stock in compny, y hve right to demnd trnsprency—even your children. You should be fine with letting m see business’s books or its blnces. Secrecy breeds discontent. If you ren’t trnsprent, people will think you hve something to hide. It’s ir business too. y hve right to see books.

Employees re Employees

ny time reltionships re involved, keep one importnt word in mind: boundries. Just becuse y’re fmily esn’t men y’re in chrge. If your children re working in fmily business, y’re employees nd should be treted tht wy. y should hve contrct, be held to stndrds of employee hndbook, nd ir py should be equl to or employees.

RELTED: Should You Hire Family and Friends for Your Small Business?

nd if you hve or employees tht ren’t fmily members, y should see you hold sme stndrds for everybody. This will help to keep morle higher.

Fmily Time Isn’t Business Time

It’s not esy to but it’s essentil. When you’re t work, you’re not fmily; you’re coworkers. You’re united toger with gol of mking business thrive. When you’re outside of business, you’re fmily. You love ech or unconditionlly, you lugh toger, you’re re for ech or when times re tough, nd you help ech or in whtever wy is needed.

s much s possible, keep lines between se conflicting roles. Tlk work t office—not during fmily times. n’t mke business into wht defines your reltionship.

RELTED: 9 Tips to Work with Family—And Still Like Each Other

Give Somebody Else uthority

rguments re going to hppen but fmily drm cnnot enter into workplce. It’s surefire wy to ruin business. Behind every good leder is somebody who hs permission to tell m when y’re off trck. If re’s non-fmily employee in business tht you trust, give m permission to tell you when fmily dynmic is interfering with work opertions.

Estblish Bord of Directors

s your business grows, tht one trusted person could become Bord of Directors— mix of fmily nd non-fmily people who bring specific skillset to compny. Not only will y lend fresh perspective, non-fmily bord members should hve n pproprite mount of votes tht give m rel power t meetings.

Tke rguments to Lunch

You cn’t bring drm to work but tht esn’t men it shouldn’t be resolved right wy. If tht’s cse, gr ffected fmily members nd hed out to lunch. Everybody is more greeble when y et nd since it’s outside of office, hving tough converstions fmily problems is completely pproprite.

Fmily Isn’t Necessrily Best Choice

s your business grows, you hve responsibility to protect business becuse employees rely on it to feed ir own fmilies. Just becuse certin employees re fmily esn’t men y’re qulified. Bring m into business, nd lter let m run business, becuse y’re best person for job. If non-fmily member is better for helth of compny, give portion of compny to fmily s silent, non-mjority prtner nd let truly skilled people run business. Worse thn hurting fmily member’s feelings might be wtching m run business into filure.

How to Find and Hire Employees

Hiring Forms and Templates

Bottom Line

You cn hve plenty of friends but only so much fmily. Ruining fmily reltionships over wht my be petty rguments isn’t worth it in end. Tlk things while y’re smll concerns. Once y get lrge nd everybody gets emotionl, it’s hrd to come toger on much of nything. Cultivting positive fmily reltionships outside of office will help crete positive tmosphere t work.

© 2016 ttrd Communictions, Inc. ll Rights Reserved. My not be reproduced, reprinted or redistributed without written permission from ttrd Communictions, Inc.



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