Family businesses provide a feeling of togetherness; however, differences in opinion can wreak havoc on relationships. Is there a possibility for structures that can help prevent a breakdown in family relationships? We have been discussing strategies for separating the company from the family.
- Treat the company as a company & the family as a family.
- Establish conflict resolution mechanisms.
- Have structures in place.
Since various sensitive issues arise in a family business, it is advisable to have governance and management structures for almost everything.
On the business side, it is essential to have a Board of Directors and a Steering Committee. On the family side, it is advisable to provide tools such as a Family Constitution and create governing structures such as a Family Council, a Family Assembly, and a Family Office.
Having these structures in place clarifies the scope of everyone’s roles and responsibilities in improving the business’s governance and family cohesion.
I am here to help you and your family develop these structures to help prevent conflict and maintain family harmony. I should be part of your process part for conflict prevention.
Ready to get started? Reach out to me; I can help.