Family Business
The dynamics of family members working together is anything but simple. Families in business face unique issues that do not challenge other families—or other businesses. Conflicts in a family business may be interpersonal, e.g., between generations, in-laws or siblings; involve decisions that are business-related; or arise from the delicate balance between the sometimes-competing needs of the business and the family.
While the family and the business each has its separate and overlapping needs and interests, family members sometimes have a difficult time achieving a balance between them or keeping them separate. The tension created when family relationships spill over into the workplace or when work-related issues are brought home can strain relationships and undermine the productivity of the business.
Facilitated family business meetings can help family members avoid or resolve these conflicts. Facilitated meetings create a collaborative environment encouraging positive family relationships as well as the continued viability of the family business.
Common benefits of a facilitated family business include:
- Separation of family issues from those that are about the business
- Maintaining trust and cooperation among family members
- Strengthening sibling relationships
- Clarifying expectations and values between generations
Mediation is valuable for resolving disputes over responsibilities and roles, shareholder interests and other matters. A skilled mediator helps find common ground among family members, leading to a mutually agreed-upon resolution that satisfies all parties.
Common issues addressed in a family business mediation include:
- Compensation
- Dividend distribution
- Communication
- Succession planning
- Allocation of responsibilities
- Estate planning
- Family/non-family management conflicts
- Working vs. non-working family members
- Ownership planning
- Family issues /relationships
- Philanthropy