Do you worry that conflict might arise if you and your children discuss the future of your family business together? Worse still, do you worry that conflict within the business could harm both family relationships and the operation of the company? You are not alone; many senior-generation leaders like you have sleepless nights about this issue.
The media and entertainment industries tend to accentuate the bad news about family businesses. Their stories about feuding heirs suggest that every family business is headed for disaster, so it’s reasonable to think that your own will suffer the same fate.
Unfortunately, the good news about family businesses is seldom told. When they work well, these companies are often amongst the most efficient and competitive around. And family-based agribusinesses are no different.
Strong family businesses leverage unique the trust, love, and loyalty that don’t exist outside the family. Families in business together have their differences, of course, but in general, they learn to manage these differences.
What if you think your own family members may not be able to sort out their differences? What if you fear that family dialogue will uncover conflict between your children and their spouses, or even between you and your spouse? After all, your differences in the past may have generated arguments and unpleasantness, and tension may smolder beneath the surface, ready to flare up when the discussion commences. Naturally, you’ll be concerned that family meetings might provoke yelling, tears, or someone storming out of the room, any of which could alienate you from one another.
This story is from the Farmer's Weekly 20 August 2021 edition of Farmer's Weekly.
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This story is from the Farmer's Weekly 20 August 2021 edition of Farmer's Weekly.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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