From time to time, we’ll post Bea Wolper’s “A-Z Keys to Family Business Success” followed by a question from one of our members on the topic – here’s D:
D- Dynamics of Family Business. One should never underestimate the effect family dynamics have on a successful family business. Remember, in “familybusiness” there is often no space between the “family” and the “business.”
Question from a member:
There are many positives to working with family and the family dynamics that stem from feelings of goodwill, trust, and shared history. But, what do we do when things go wrong?
Answer: Communication is key! A well thought out Family Business Plan can help. If you don’t have a Family Council, start one. If you don’t have an Advisory Board, get one. Come to the Conway Center Peer Groups and Educational Programs – which are FREE with your family business membership, by the way!