There are a number of reasons why only 30% of family businesses survive into the second generation. Jump clients are beating the odds because they learn to manage the unique challenges of business families: family dynamics, succession planning, family governance,
“A family in harmony will prosper in everything.” Chinese Proverb
Successful business families need to balance the financial well-being of the business with the emotional well-being of the family. When I work with family business leaders, I help them leverage the strengths family members bring to the business and firmly establish a framework for the business and the family’s success.
Without family cohesion, a family business falters, particularly at times of change and transition.
Unresolved conflict is arguably the largest cost and threat to any organization. Family business conflict is often more extreme than conflict in other businesses because it is virtually impossible for the families to leave the business issues at work.
Some degree of conflict is inevitable (and in fact healthy) within a family business. Family members and other business stakeholders often just need a little guidance to work through conflicts in a productive way. And it is incredibly satisfying to watch my clients build the kind of trust, communications skills, and respect that not only transforms companies but transforms families.
Many family businesses also wrestle with the questions of long term strategy and who in fact will lead the way.
Family business leaders need unique tools. I guide clients to create the systems, structures, and relationships that will help them function as effective stewards of their enterprise. But it all starts with communication.
I facilitate the hard, but necessary conversations between members of the family, key staff and even stakeholders to enhance communication and ensure governance within the family and the business.