In my last post I commented on the challenges associated with family businesses. I had the opportunity to have breakfast with a prospective new client this morning who had recently purchased the business from his mother-in-law. The business was sold after the death of his father-in-law, who started the business 40 years ago.
The sad part about this is now the family business is taking a toll on the family relationships. It really doesn’t need to be this way and can be avoided if you have open and honest conversations and have the difficult conversations up front. Trying to sweep the issues under the rug will not work, and based on my experience, only exaggerates the problems. This story is very common and again demonstrates the rampant dysfunction within family-owned businesses.
We work with many family-owned businesses. Sometimes having a third party help address the difficult issues is what’s needed to get family members to open up the lines of communication.