Build the Strong Family Bonds That Lead to Business Success

Build the Strong Family Bonds That Lead to Business Success
Category: Commentary
Published: October 3, 2023
Updated: November 14, 2023
Views: 1014
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Strong emotional bonds between family members underpin the success of family businesses. But all too often, being emotionally or geographically distant can weaken those bonds and undermine the family's ability to work together productively.

Sunil Soni, founder of IFBN Consultants, Family Business Consultants, has helped more than 600 family firms nurture the next generation for leadership and engage productively with one another. In this interview with FamilyBusiness.org Senior Editor Kimberly Eddleston, Soni points out that building and nurturing strong family bonds takes work. He shares some tips for creating, repairing and strengthening those bonds, including:

  • Create opportunities for families to get together regularly, such as shared holidays, vacations, family conferences and other events. Put them on the calendar and commit to blocking out time so you can enjoy them without interruptions.
  • Make deposits into other family members' "emotional bank accounts" by listening without judgment, keeping your promises, and lending a friendly ear when they have problems. Allow them to express themselves and make mistakes, and forgive them when they slip up or disappoint you. It will be easier for you to "withdraw" from those accounts when you make a mistake yourself.
  • Commit to seeing the good qualities in other family members, and to recognizing their contributions and achievements. 
  • Have a "family champion" who remembers birthdays, anniversaries and other milestones, and who can orchestrate events that build and strengthen family bonds.

Kimberly Eddleston
Kimberly Eddleston
Schulze Distinguished Professor of Entrepreneurship / D'Amore-McKim School of Business / Northeastern University
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Cite this Article
DOI: 10.32617/978-651c1718263ad
Eddleston, Kimberly. "Build the Strong Family Bonds That Lead to Business Success." FamilyBusiness.org. 3 Oct. 2023. Web 20 Apr. 2024 <https://familybusiness.org/content/build-the-strong-family-bonds-that-lead-to-business-success>.
Eddleston, K. (2023, October 3). Build the strong family bonds that lead to business success. FamilyBusiness.org. Retrieved April 20, 2024, from https://familybusiness.org/content/build-the-strong-family-bonds-that-lead-to-business-success