As a counselor for the Utah Small Business Development Center network, I work with many family businesses. So, when the following “top ten list” it caught my attention. Lucy Meyring, who operates the Meyring Livestock Co., a fifth generation ranch in Colorado’s North Park, says that there are 10 main things that family members do to break up the family business.
Here they are:
Now, how about the things functional family businesses (as opposed to dysfunctional family businesses) do to succeed! We can see from the list above what to do if we want to fail… please share your comments below about keys to family business success!
Here they are:
- Assume all genetic relationships equal good working relationships.
- Believe the business can financially support any and all family members who want to join.
- Assume everyone involved is willing to make changes.
- Presume that a conversation is a contract.
- Believe that mind reading is an acceptable form of communication.
- Fail to build communication skills and business/family meeting tools when times are good.
- Ignore the in-laws, off-site family and employees.
- Forget to use common courtesy.
- Have no discussion about, and no legal management transfer plan or buy-sell agreement.
- Fail to celebrate.
Now, how about the things functional family businesses (as opposed to dysfunctional family businesses) do to succeed! We can see from the list above what to do if we want to fail… please share your comments below about keys to family business success!
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