Family Business is complicated. Growth or change — in the business or the family — often raises a lot of questions. Often, the answers are not easy. There is much at stake.
Some decisions primarily regard business operations.
How will we evaluate employee performance and competency?
What factors will determine compensation?
Who will run the business in the next generation, and how are we cultivating their leadership skills?
Others reflect the expectations of owners.
How will we decide whether or not to sell the business?
What portion of business profit will be available for dividends?
Will transition of ownership be during life or at death?
Will the transfer of shares be via gift or sale?
Some questions are unique to family businesses.
Is working in the family business a right or a privilege?
What family dynamics are negatively impacting relationships or business performance?
What happens when the business can no longer support all family members interested in working for it?
All are complex.
How can we navigate well the differences between family and business needs?
What unspoken rules may be impacting our choices?