Family Business
The family held business is unique in that the emotions of family and the emotions of business must coexist. The board of directors and management of a family held business, as well as the family members, need to be aware of these unique dynamics and not adversely take advantage of them, but instead honor them and manage them well.
In a family held business, "the family business," functional and effective communication between the board of directors, management and shareholders is the key to powerful decisions that help the business flourish in the short term and succeed in the long term.
The same priority on communication skills is the key to flourishing and success in "the business family." The dynamics in the business family often include shareholders and family members who are not owners, blood family members and married-in spouses. The success of all of these relationships depends on functional and effective communication as well.
Sometimes, the very lack of transparency is enough to throw suspicion on the business, the family or both. There are family businesses in which the sensitive exploration of all practices is of paramount importance.
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The above is co-authored by Thayer Willis and Linda Evanswood. Thayer Willis is a counselor to wealthy families. To access Thayer's web-site click this link or paste her domain address into your browser line. www.thayerwillis.com