10 TIPS FOR MANAGING FAMILY BUSINESS CONFLICTS
The majority of family firm conflicts are predictable. Conflict avoidance will do more harm to a family than facing up to difficult situations; instead it is important to have an agreed “conflict resolution process”. The tips on these pages will help to address:
Conflicts over strategy and direction Conflicts because there are too many family member “bosses” Conflicts over who may or may not be employed Conflicts over the treatment of family members in the company Conflicts over compensation Conflicts over succession Conflicts among siblings Conflicts due to different ownership philosophies Conflicts between inside and outside shareholders Tensions involving spouses
Family meetings: One of the single most effective practices that a family which works together can implement is to hold periodic family meetings. Holding periodic family meetings helps to ensure that there is a forum for family (and often also for ownership) issues to be discussed.
Establish shared family values, goals & objectives: Shared family values help to provide “family glue” and become a tool in joint decision making. Shared goals and objectives for the business put everyone on the same page.
This story is from the November 2020 edition of Small Enterprise.
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This story is from the November 2020 edition of Small Enterprise.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
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