26 Feb
Business Resources, Employees from hell, Small Business, Start-Up
Whether a child is groomed to take over the family business or mistakenly pushed into it, problems often arise when family and authority mix.
“Being in an emotional relationship and a business relationship puts a different, more difficult kind of strain on relationships,” said Getzler, who inherited his consulting firm from his father.
Difficult-to-solve personality issues are almost inevitable in family companies, and without an exceptionally strong patriarch or matriarch leading the family business, problems can mushroom.
Despite whether a favored daughter was groomed for the business or a son was mistakenly pushed into a position of authority, a parent might not have the ability to select an appropriate heir.
“Once the patriarch or matriarch retires or dies, many businesses become a free-for-all - despite carefully laid plans,” Getzler said.
To that end, Getzler offers some tips to help business owners make rational decisions about their successors. These strategies can also help owners make other tough calls when family relationships are at stake.
“Everyone gets along generally when there is a lot of money to go around. The fights start when someone feels they are working hard and not making enough,” Getzler said.
In the end, he insisted, “there’s nothing magical,” to navigating through difficult family business issues. “It’s about getting people to focus on the end result.”