This headline will certainly raise a few eyebrows I am sure. It is often a very quiet discussion that I have had more often than you can imagine with those next generation family members, and spouses who are currently working in their family business.
When the husband and wife, who have most likely started the business & currently work together need to part ways; (only in the business…thankfully!) it can be a perhaps the biggest challenge of their business relationship.
Often spouses who work together, must invest everything they have in helping their partner achieve their goals. They are truly partners in every sense of the word.
Let’s assume that the business is successful, profitable, and now adequately staffed. Through all of their supportive hard work, the spouse/partner feels the need to still be there, unnecessarily. They are not likely to get fired – we hope. But they may have put their own career goals and aspirations on hold to support their spouse’s dreams.
How do they exit politely?
The answer involves the having the best communication possible. Discussing and sharing their own goals, dreams and desires. It might sound difficult to do, and IT IS. Figuring out what they really want to do, and how to get there is really a deep dive discussion.
Family harmony is the #1 objective. To begin this discussion, the first question I ask is:
Are you running FROM something or TO something?
The answers are just the beginning of an amazing journey!
I also ask the next generation business owners the very same question.
The call of the business may have been strong at some point early on in their career, but the motivation to stay is waning. Sometimes the lifestyle achieved at this point in their career may be too difficult to give up. Maybe at this stage too there are kids, mortgages, private schools, and expenses to worry about, that makes staying in the family business feel like the only option.
Many of the next generation business owners I meet with, secretly admit that they would rather be doing something else with their career in the future!
So there are many questions to be asked and answered as you can see.
What’s the best way to find these answers?
Contact me to begin this journey on the deep dive expedition with your family.
The goal might be to have a spouse or child leave the family business, but not at the expense of family harmony.
The main objective is to develop an exit strategy that maintains strong family cohesion, a greater sense of closeness and support of one another.
Yes this can be done! I would love the opportunity to help guide you & your family through this process.
Call me at 905-902-7799 for a FREE complimentary, confidential discussion.