Betsy Brodsky
Managing Sibling Wealth Disparity pt. 2
Without common values and mutual respect, siblings may lack a common language to talk about the use and purpose of money. Part 2 of a 2-part series by Continuity Managing Partners Doug Baumoel and Blair Trippe Steps for handling sibling wealth disparity The starting point for dealing with wealth disparity is having a common understanding of what family means for this generation and developing a shared vision for how to be a family in the future. This shared vision, based on the identification of shared values and expectations, should provide insight into the following questions: What does it mean to [...]
Managing Sibling Wealth Disparity pt.1
When misunderstood, wealth disparity between siblings can build resentment… Understand why and steps you can take towards a shared vision. Part 1 of a 2-part series by Continuity Managing Partners Doug Baumoel and Blair Trippe Forging a close relationship among siblings during childhood is hard enough, but as siblings become adults, disparities in wealth that may develop can challenge even the strongest relationships. In business-owning families, the potential ramifications are extensive. The dynamic doesn’t just play out in the personal lives of the immediate family; it also can impact the alignment of corporate vision, tolerance for risk and overall decision [...]
Employee Reviews: A Challenge in Family-Owned Businesses
Cultivating Successful Family Business Leaders It has long been a tenet of successful businesses that regular and honest performance reviews are essential. However, in a family-owned business, employee reviews can be torture for both non-family and family employees alike. In many instances, a non-family manager finds themselves in the awkward position of having to review an owner family member who works for them. Even veteran managers with the strongest relationships to family owners will think twice before offering negative feedback about an heir apparent. Obviously, this silence can lead to diminished function, productivity and satisfaction within the company. Here are [...]
Importance of The Family Factor in Managing Family Business Conflict
“The family — that dear octopus from whose tentacles we never quite escape, nor, in our inmost hearts, ever quite wish to.” ~~Dodie Smith Continued Relations Unlike classic business disputes where warring parties can do battle, inflict fatal wounds and walk away from each other, in a family enterprise this just isn’t possible, nor desirable in most situations. And it’s true even when the individual(s) at the heart of the conflict seemingly doesn’t care about their relationship any longer. In time, they ultimately agree that they’re part of “something bigger” and breaking these ties would be devastating and far-reaching. The [...]
Releasing Blame: The Case for Forgiveness
“He who cannot forgive others breaks the bridge over which he must pass.” – Confucius Getting Past Long-Held Grudges Takes Time It’s very common for members of family owned businesses to become bogged down in past conflicts, creating what we call “historical impasse”. These are disputes that remain problematic and continue to impact present-day relationships. When this happens, families often get stuck in unproductive behavior patterns. They’re still holding onto hurtful issues that happened a decade, or even a generation ago. If a family is to get beyond these hurts, they need to explore a process of education about forgiveness. [...]