Archive for the ‘Family Business’ Category:
Being in business with your family can bring lots of rewards, including financial security and personal pleasure in working with people you know well and love. But it can also be the source of misunderstanding, antagonism and painful conflict. The show looks at common causes of conflict in family businesses and how that conflict can be resolved and even prevented.
Family businesses are the backbone of many world economies. In the US, family businesses employ nearly 63% of the workforce and contribute 57% of GDP. They are also responsible for nearly 78% of new job creation. It is highly likely that many people listening may be part of a family business or will be working for a family enterprise of some description. There are some good reasons why they contribute so much and that creates special conditions, challenges and characteristics which makes mediation very effective in ensuring the ‘specialness’ is not consumed by disputes. In this program, Amanda Bucklow will discuss what that specialness is, how to identify the early warning signs for emerging problems and what you can do about them, wherever you are in the ‘business’.
Family businesses move through many transitions as they grow from Founders to much larger family enterprise systems. The components of this shift include among others: a range of family dynamics issues that can de-rail business or families, clarifying roles, committing to various business competencies, reaching agreements about reasonable expectations, building solid governance structures and creating a solid plan for continuity. Most of the critical landscape issues get caught within the porous boundary between family and business, are places where history and differences are triggers for behaviors and require everyone to gain an ability to engage in thoughtful and constructive conversations, meetings and retreats. In our time together, we will explore some of the differences that can create conflict, and some principles that help family business owners stay with the task of continuing legacy.
Family businesses are unique and complex differing in many ways from non-family businesses. For those family businesses preparing for the next generation to transition and succeed, they need to expect all kinds of issues to arise that can cause conflict. Family members have questions and expectations: who is moving out? Moving in? Moving aside? The new generation has ideas and strategies which could very well be different from how Grandpa used to do it. Succession planning is key to this transition process. Change does not happen over night. Support from family business experts can frequently facilitate the way to a productive succession.
Some families dream of building a business and working together in it. Unfortunately, working with your spouse can lead to conflict in both your business and your marriage.
Alicia Arenas, Business Coach and founder of Sanera People Development Co., will discuss three key tips to help preserve peace at work and home.