Family Factor
Setting New Year’s Intentions for the Family Business
For many of us—especially those in family business—picture perfect get-togethers are far from reality. Even if holiday times are full of precious moments, they often enhance stress, especially when you are dealing with the built-in conflict of family business. So how do we move through tense moments that may erupt during the holidays and start off right in the New Year? As we approach the new year many of us think about shedding what does not serve us and resolving to draw into our lives what helps us realize our goals. We like to encourage setting intentions, rather than resolutions. [...]
Getting a Grip on Conflict, pt. 2: Managing Systemic Conflict
In Part I: Getting a Grip on Conflict, we looked at why conflict in family enterprise is often so extreme and intractable-- because conflict is inherent in family enterprise, with all of its overlapping systems (ownership, business, family, and governance.) In a family business in particular, it is critical to understand and manage systemic conflict for business success and to protect ongoing relationships. Managing Systemic Conflict How to Manage Conflict in Family Enterprise There are three principal approaches to managing conflict: 1. Bargaining 2. Force and 3. Development. Once the sources of conflict have been identified and broken down into [...]
Getting a Grip on Conflict: pt.1
First step, understanding systemic conflict Why is conflict in family enterprise often so extreme and intractable? It is extreme, because roles in a family business, or access to family wealth, are not as negotiable as these issues would be in a non-family enterprise. This is true in large part because family members tend to take their role in the business very seriously. The disagreement is about more than just a job or money, it’s about what these signify to the stakeholder. Dismissing conflict in a family enterprise as greed is too easy. More often, stakeholders are fighting about very real [...]
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 [...]
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 [...]
How to Enjoy Your Family Over the Holidays When You Work With Them
As we head further into the holiday season, many of us are preparing for family functions with the full spectrum of emotions running from eager anticipation to dread.