50 Common Causes of Family Business Conflict ... and how to deal with them

Audio No 41: The Next Generation.

• The classic definition of a family business is one that substantially involves at least 2 family members as owners and operators.

• Family businesses tend to take themselves more seriously, the more generations of family they have in their pedigree.

• Almost every family business dates the beginning of recorded history from the commencement of their family business.

• Most families are, or can easily be, motivated by the idea of their business passing through to future generations.

• The prime cause lies in different personalities, education, and socio-economic upbringing.

• It’s nobody’s fault, but it can cause major conflict when the next generation doesn’t display the characteristics the older generation demands.

Solution

• Engage the next generation as early as possible in the ethos and operations of the family’s business - vacation work etc.

• Build next generation teams - investment, philanthropy and environment groups - & teach business fundamentals - meetings, research, problem solving, decision making, leadership & teamwork.

• No cloning - the next generation will stand on your shoulders.

I'm interested in your comments below.

#succession #business #conflict