While there are many components required for a successful business family, communication tops the list. Effective communication in your business family allows family members to share their needs, wants and concerns with each other.<\/p>\n\n\n\n
It is through communication that your family resolves many of the unique difficulties that are part and parcel of owning and working in a family business. Unfortunately, communication within most families is complicated by history and relationships, with wealth and the family business adding another layer of complexity.<\/p>\n\n\n\n
Overlapping Worlds of Family & Business<\/strong><\/p>\n\n\n\n While family and business may include many of the same people, they represent different worlds. The world of the family is anchored in emotion and unconditional acceptance, a nurturing environment in which to \u201cgrow\u201d children. The business world is cold and rational, acceptance is conditional upon performance, and the objective is to make a profit.<\/p>\n\n\n\n These worlds are at odds with one another. It is the movement of family members between worlds, at the point of overlap where the rules change, expectations are different, and a change in behaviour is required, that the potential for dispute and conflict arises. A state of affairs that, if left unresolved, may destroy all that you contributed to building.<\/p>\n\n\n\n My advice is to introduce an element of awareness and formality in how you communicate as a business family early on in your journey.<\/p>\n\n\n\n Start with Yourself<\/strong><\/p>\n\n\n\n Whatever your position or role in the family, communicating effectively is a critical life skill. Start by building your own communication skills and focus on the following:<\/p>\n\n\n\n Family Meeting<\/strong><\/p>\n\n\n\n The family meeting will be the first of many governance structures the young business family will introduce as it grows and matures.<\/p>\n\n\n\n It may start out life as an informal meeting in the family kitchen, or a Sunday afternoon family gettogether. As your business grows, the need to formalise the meeting in terms of who should attend, where and when it should be held, what is to be discussed and the decision to be made will be recognised.<\/p>\n\n\n\n Embrace the development for it is a sign of success, your business family is growing. Set out below a few pointers to consider in anticipation of your first family meeting:<\/p>\n\n\n\n Communicating effectively in this manner guarantees you will unlock the potential of your business family.<\/p>\n","protected":false},"excerpt":{"rendered":" While there are many components required for a successful business family, communication tops the list. Effective communication in your business family allows family members to share their needs, wants and concerns with each other. It is through communication that your family resolves many of the unique difficulties that are part and parcel of owning and…<\/p>\n","protected":false},"author":2,"featured_media":1571,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_kadence_starter_templates_imported_post":false,"_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"_kad_post_classname":"","footnotes":""},"categories":[7],"tags":[],"class_list":["post-1570","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-governance"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t