Family Business & Succession
Avoid triangling communication in family business
The father, who is the president, makes a decision and acts on it. The son, a vice president, strongly disagrees with the father’s choice. They have cross words with each other. Then the son goes to the mother and tells her what the “tyrannical” father has done and said. She speaks with the father about it, trying to restore peace. This is called “triangling.” (5/12/2008)
Dealing with tangled interpersonal relationships in the family business
Your family has a business. Some family members are not an official part of it. They’re not owners or employees, but they’re connected to someone who is – a husband, a wife, a brother or sister. They’re close enough to the business to see some of what goes on, but they don’t have a defined role. Many family members find themselves in this position. Though they have no direct financial interest in the business, they often have an indirect one. They most assuredly have an emotional interest in the business if it is connected to their family in some way. (4/28/2008)
Profit sharing can be inspiring – yet ‘taxing’
Family-owned businesses constantly search for creative ways to reward employees for their commitment to the business. Compensation programs generally have four objectives:
1. Providing competitive compensation for services rendered
2. Rewarding outstanding service
3. Aligning employees’ goals with overall business goals
4. Retaining the long-term services of excellent employees (4/14/2008)
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