Loading
Running a family business can be both wonderful and challenging. But it rarely gets more challenging than during a succession process.
As a family business consultant and psychologist, I’ve seen more than my fair share of issues arise during this process. Here’s an example: I was recently asked to provide leadership consulting and coaching to a family-owned business. The current owner/CEO was structuring a succession plan to include his two nephews, who have worked for the business for a long time. The cousins — now in their late thirties — had grown up together and were very close. They had even gone to college together and were roommates, and later, were in each other’s weddings. The cousins had always expressed great affection and respect for one another. Until the family business got in the way.
Whenever leadership decisions needed to be made regarding the company, the cousins were at odds with each other. Their viewpoints were often diametrically opposed to one another, and their discussions frequently became heated. Both expressed concern over the other’s perspective and behavior. And worst of all, their differences at work were negatively impacting their personal relationships, putting them in a consistent state of extreme conflict. When it came time to begin succession planning, this conflict caused obvious issues.
Subscribe today. Cancel anytime.
Your free article limit has been reached this month.
Subscribe now for unlimited digital access to our award-winning business news.
Join thousands of executives who rely on us for insights spanning Tampa Bay to Naples.
