All in the Family?

Have you ever considered leaving a job because you couldn't get acknowledgement for your contributions from the boss or the respect you deserved from your coworkers? Or perhaps you relocated and were made assurances about salary and job responsibilities, but the owner was reluctant to follow through with promises that were made. Can you imagine that as a result of leaving that job your parents, siblings, cousins, aunts and uncles might not speak to you or you might feel uncomfortable attending a family function?

These are just a few examples of some of the potential dynamics that individuals working in a family business must face. Two out of five businesses in North America and Western Europe have two generations working in them. It's higher in South America and the Middle East. So while the challenges facing family business may not directly affect you, being aware of the personal and financial impact of such unresolved conflict can enhance your understanding of some of the issues your clients or colleagues may be facing.

The research tells us that the most significant single concept that underlies all the competitive advantages and distinctions of a family business is trust. It is often a core value in a family business. When it exists within a family business it becomes priceless currency. When it doesn't, it is not only one of the most divisive elements in any relationship, but it can be devastating to a family business.