Let’s Take the Family out of Business – Part 4

Choosing your work

Whenever possible, parents owe their children food, shelter, love, medical care, education, guidance, and coaching to become independent adults. However, they do not owe their children a job. Families and businesses have distinct and very different dynamics. When these different systems compete with each other, prepare for catastrophe.

Ernest, the Chairman of the Board for a Manufacturing company, died. He left a series of directives in his will dictating how the company should be run: one son would be CEO and one daughter would be Senior Vice President of Manufacturing. However the directives were not fulfilled. Instead, elderly Mom, who historically had little to do with the business, was now the majority owner and the one in charge.

Mom as business owner turned into a disaster. She made wrong business decisions in a changing environment and put the company at financial risk. Meanwhile, the son and daughter did not get control or ownership of the company they have spent their lives building. Turning this company around would be a lot easier if it were not so encumbered with family issues. The point is that the leadership in your company should be based on talent and ability. If it turns out that family members actually qualify, consider it a dividend and karmic reward.

For more information about family business coaching click here.