When Family Dynamics and History Get in the Way of Business

Family run businesses are challenged with being successful and profitable. An even bigger challenge is operating with family members at the helm. It can get even more difficult when a family member needs to exit or the business needs a succession plan.

In most cases, the easy part is operating the business within the chosen specialty or expertise, generating sales and staying profitable.  The tough part is dealing with family members and dynamics – who’s in charge, who has a say, is consensus needed, do people get along?  Based on personalities, historical problems and power struggles, family issues can easily get in the way of building, operating and growing a company.

There is an endless supply of consultants who work with family businesses to coordinate financial and legal aspects.  Unfortunately, they are not equipped or qualified to deal with difficult family members, complicated family dynamics and long standing historical issues.  Family businesses need to move forward with strategy, succession and wealth management, but sometimes “forward” is not possible because family issues and history keep them stuck in the past.

We believe the first step in future planning is to focus on the family and how it impacts the business management plan.  It is a wise investment for business to understand and manage:

– difficult family members who get in the way

– historical events that negatively impact operations

– unresolved situations that hinder communication and productivity

– requests that are based on power, hierarchy and entitlement

We work with families and companies to create solutions, resolutions and improved strategies.  Our goal in every company is for family members and management to work together respectfully, towards a common goal.  Success is measured when they can communicate and collaborate as business colleagues for operational purposes, while at the same time co-exist as members who belong to a deeper, more connected group . . . the family. Contact us at 604-349-8660 or pam@strategytoexit.com to begin change management in your family business.

Click here to fill out the quote/booking form.