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When Family and Business Overlap

In an effort to keep their finger on the pulse, many business owners end up wearing many hats. Their roles in the business world might include those of majority shareholder, Chair of the Board or CEO. In their family or personal lives, they play the role of child, spouse, or parent. Often these two roles conflict, and the business owner is faced with difficult decisions.

Separate Compensation Issues from Family Issues

While compensation is an emotional topic for all of us, it is definitely something that can trigger issues within a family business. It is an area where many business families find it difficult to set aside their personal and family values to focus on the principles of running a good business.

Transitioning the Intangible

Transitioning a business is not an event but rather a long-term process. Behind the obvious transition of ownership and day-to-day management is the more subtle transition of authority and leadership.

Managing Conflict is Key to Success in Business Transitions

Avoiding conflict can prohibit your progress as an organization and have negative consequences on the sustainability and long-term growth of the business. If, as a business, you can learn to manage conflict positively and work proactively toward a shared confidence in moving the business and family forward together, you can ensure a more positive outcome.