EP 210 Family Business 4 Key Questions - Clarify these to Resolve some Conflict
In more than 20 years of working with Family Business the most intense emotions arise around 4 basic topics.
There are nuances, yes, but as I look back they all fit in these categories. Sometimes this challenges land in more than one spot
2 Key Goals - Always
Profitable Business Healthy FamilyA real life example: From the family of 6 Next Gen who unexpectedly inherited the business – 2 working in 4 not – building resentment – all had = decision making
2 working in – building resentment – 4 not
– benefitting financially w/o work – decisions driven by the size of their checks.
Who does the work of the business – 2
Who makes decisions – 6
Who owns – 6
Who benefits – 6
Harder to Achieve if Conversations Happen During…..
Crisis Conflict4 Key Questions to Answer for ~ Now & Later ~
Who Does the Work of the Business? Who Makes Decisions for the Business? Who Owns the Business? Who Benefits Financially?Friction can happen when there is confusion around the answers to these questions
When the answers are not consistent –
When the answers pit one family member against the other from competing objectives – like the example I shared
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