Establishing and operating a business to success is not an easy process. When you consider that some members of the management team may be your family, the task becomes a difficult. Family businesses are some of the most successful in the world, but they also tumble quickly when family issues are not resolved. In most cases, leadership and ownership issues – power struggles – are the main undoing for family businesses.
In recent years, high-profile leadership disputes have made headlines in America. The most recent one is that involving the New Orleans Saints (NFL) and Pelicans (NBA) owner Tom Benson and his daughter and grandchildren. The decision by Mr. Benson to cut his daughter and grandchildren from running the sports business has brought a lot of issues to the fore. It’s a now an ongoing court case that has generated headlines for much of the past year.
Failing to account for family dynamics often leads to lack of trust within members down the road. If you do not take the proper steps in the beginning, with particular regard to the transfer of ownership, family issues may ruin your business. Most business owners will surround themselves with accountants, publicists, insurance and finance advisors to help them make good business decisions.
What a business school might not teach is what to do when one son gets angry over the promotion of their younger sister. Such a problem requires an experienced mediator who can address the personalities and egos involved.
Hoping family members will go along with the plan is not enough. Family dynamics has to be considered, and the input of a mediator is very crucial.
Theresa Beatty is a family and divorce mediator who works in LaGrange, Georgia. She has a Master’s in Social Work from Arizona State University, plus decades of experience in social work and mediation.
In recent years, high-profile leadership disputes have made headlines in America. The most recent one is that involving the New Orleans Saints (NFL) and Pelicans (NBA) owner Tom Benson and his daughter and grandchildren. The decision by Mr. Benson to cut his daughter and grandchildren from running the sports business has brought a lot of issues to the fore. It’s a now an ongoing court case that has generated headlines for much of the past year.
Failing to account for family dynamics often leads to lack of trust within members down the road. If you do not take the proper steps in the beginning, with particular regard to the transfer of ownership, family issues may ruin your business. Most business owners will surround themselves with accountants, publicists, insurance and finance advisors to help them make good business decisions.
What a business school might not teach is what to do when one son gets angry over the promotion of their younger sister. Such a problem requires an experienced mediator who can address the personalities and egos involved.
Hoping family members will go along with the plan is not enough. Family dynamics has to be considered, and the input of a mediator is very crucial.
Theresa Beatty is a family and divorce mediator who works in LaGrange, Georgia. She has a Master’s in Social Work from Arizona State University, plus decades of experience in social work and mediation.