Aspects & Issues

Family Business

In a family business, relationships are the real bottom line.

I’ve been CFO of my family business for eight years since I got my MBA. I’d like to make some strategic changes in the company that would really impact the bottom line,  but I’ve been holding back, waiting for my father to acknowledge my work and give me an opportunity. Finally, I just came out and told him I thought he was being a control-freak and asked him to trust me to do my job.  He blew me off saying that I needed more seasoning.  It didn’t help that my sister, who isn’t even active in the business, backed him up completely.  I feel like I can’t win.

Jeff, age 41

Family businesses are often rife with misunderstood communications and expectations.  Who will be involved and how will decisions be made?  The Wealth Legacy Group can provide insight and guidance, alleviating the emotional obstacles that often make family business feel more burdensome and less pleasurable.  We can help you do the planning and critical thinking that may be overlooked as new generations enter the business. 

Among the issues we address:

• The pressure to carry on the family business, the legacy and expectations
• A sense of inequity between family members involved in the business and those who are not
• Managing family members and the politics of holding people accountable
• Passing the torch and succession planning
• Fair vs. equal:  the complexities of sibling rivalry
• Preparing for sudden loss and the impact to the greater picture

It is critical to develop boundaries and effective communication in your familial relationships.  If business stays at the office then personal time and relationships are nurtured appropriately. Developing and maintaining this balance is central to leading a truly rich life.