Managing Family Business Dynamics

Working for a family business can be rewarding, but mixing family and work has its challenges. Be aware of how family dynamics can impact decisions. Clear communication, defined roles (even for relatives!), and established family governance are key to success. This ensures everyone feels valued and the business thrives.

Strategies for Keeping Your Family Connected

Working for a family business can be rewarding, but mixing family and work has its challenges. Be aware of how family dynamics can impact decisions. Clear communication, defined roles (even for relatives!), and established family governance are key to success. This ensures everyone feels valued and the business thrives. Below are our best read and most impactful articles for managing family business dynamics. Mitzi Perdue shares family connection strategies from her workbook, inspired by her family's tradition and experiences, helping to strengthen bonds and minimize conflicts in family businesses. Read it here: https://familybusiness.org/content/strategies-for-keeping-your-family-connected

Family Emotions Can Drive Business Decisions

Research reveals family emotions significantly influence business decisions, from succession to crisis management. Emotions, both positive and negative, shape family firms' dynamics, impacting stakeholders and long-term strategies. Understanding and managing these emotions is vital for productive outcomes. Read the entire article here: https://familybusiness.org/content/Family-emotions-can-drive-business-decisions

Let’s Not Go There...' Taboos in Family Business

The article delves into taboos within family businesses, highlighting their detrimental effects on family dynamics and business sustainability. It identifies common taboos such as succession, conflicts, organization, wealth, mental health, and family history, providing insights and strategies for addressing them. https://familybusiness.org/content/lets-not-go-there-taboos-in-family-business

What Families in Conflict Can Learn from Baseball and Teachers

Med-FOA offers a hybrid solution for family business conflicts, combining mediation's flexibility with final-offer arbitration's certainty. It encourages settlement, maintains confidentiality, and preserves future relationships, making it a valuable alternative to traditional methods. https://familybusiness.org/content/what-families-in-conflict-can-learn-from-baseball-and-teachers

Future Family Business Owners Can Learn to Manage Conflict

Future family business owners learn to manage conflict through a classroom exercise, identifying approaches and discussing outcomes based on research, aiming for collaborative solutions and improved family dynamics. https://familybusiness.org/content/future-family-business-owners-can-learn-to-manag

Thriving or Trapped in the Family Business?

Working in a family business: a gift for some, a prison for others. Clear structure lacking. Key questions to gauge entrapment. Case study reveals pitfalls. Solutions include outside work experience, assessments, and clear job descriptions. Family councils foster growth. https://familybusiness.org/content/thriving-or-trapped-in-the-family-business

Lessons From the Perdue and Sheraton Families on Getting Along

Mitzi Perdue, from two renowned families, shares insights on family business harmony: argue privately, invest in family vacations, and listen 90% of the time. https://familybusiness.org/content/lessons-from-the-perdue-and-sheraton-families-on-getting-along

Why Family Firms Are Like Jenga

Family firms, akin to Jenga, are emotionally and legally intertwined, vulnerable to disruption and conflict. Doug Baumoel advises on navigating innovation amid discomfort. https://familybusiness.org/content/why-family-firms-are-like-jenga

How Family Dynamics Shape Family Businesses

Family dynamics significantly impact family businesses, affecting relationships and outcomes. Joseph Astrachan discusses these dynamics, emphasizing their influence on sibling rivalry, parent-child relationships, and overall family harmony, crucial for successful business operations. https://familybusiness.org/content/how-family-dynamics-shape-family-businesses

Getting Along: Straight Talk from a Family Business Veteran

Carl Beauregard, former President of Beauregard Equipment, shares insights on fostering harmony in family businesses. Key lessons include respecting boundaries, consulting employees before changes, prudent spending, and planning for generational transitions. https://familybusiness.org/content/getting-along-straight-talk-from-a-family-business-veteran