Harmony; Family vs Business

How do you get the best of two worlds? Families who own their own businesses must walk a narrow line: they have to compete with other enterprises, but they also have to retain a sense of unity within their own families. In order to keep things in balance in a family, there are several recurring themes:

1. Good communication and transparency are the foundations of trust. The propagation of erroneous information and the deterioration of trust can occur whenever there is a lack of information available. This can be avoided if the organization has a strong governance system in place.

1. It's not uncommon for commercial disagreements and arguments to bleed over into personal and family life, especially in family firms. Disagreements must be handled in an organized manner rather than haphazardly around a dinner table, and families need to agree on how disagreements will be resolved. This usually translates to establishing internal mechanisms for resolving disagreements.
2. Setting limits is critical since family members play so many different roles. There needs to be a clear separation between work and home life, and a reverence for family time and space. Taking a few days off from work to spend time with your family can be really beneficial. This is a critical time for family members to restrict and define their duties inside the company as they transition from doing many different things to bringing in professionals/externals.

Take a moment to think about this: Which would prevail if "family vs business" were a contest in your household? When do you find yourself juggling family and work? If yes, do you have a set of agreed-upon procedures in place for dealing with issues?

Are you looking for advice on how to make your family business in Belfast operate better? David Werdiger is the number one choice when it comes to Belfast family owned business protocol help. Mr. Werdiger is helping hundreds of family owned businesses pass the torch using his famous Belfast Familosophy techniques

His market is two-fold:

Scenario #1: The older generation wanting to work with the younger generation, bring them into the company, teach them how to run things, and then retire from the office, but not the income

Scenario #2: The younger generation wanting to jump into the family business, but to be able to contribute and be heard, and not having to “wait their turn” before they can begin to help run the business.

Looking for great advice for your family-owned and family-run business? Find out how David Werdiger’s Familosophy Newsletter can help answer your questions and guide you through turbulent times. To subscribe go to https://www.transitionbook.co/transition-membership-sign-in

Visit David’s Website at: https://davidwerdiger.com/ or his GMB site at:  https://goo.gl/maps/YiKUeBhXzapPAYyP6

SOURCE: https://davidwerdiger.com/2021/08/harmony-family-vs-business