Career Development for Next Generation Family Members I London I Familosphy

Family is (ideally) a lifelong commitment. When the family business begins to significantly impact family connections, there is an imbalance. Due to the overlapping of family, business, and ownership (dubbed the "three circle model"), family enterprises present unique challenges. Harvard researchers have expanded this to four "rooms" by including a board room.

Due to the fact that family members wear numerous hats, are involved in multiple circles, and sit in multiple rooms, they must be conscious of how their various roles affect the decisions they must make. Which is more important, father or boss? Are you the director or your cousin? Manager or proprietor?

It is critical to be able to have open and trusted dialogues regarding the business's demands and the family's expectations. These are supported by core beliefs and shared ideals applicable to both personal and professional life. Each subsequent generation should enquire as to why they are in business. Succesful family businesses instil a sense of stewardship in all family members (no matter what their specific roles).

To make multiple jobs work, it's necessary to establish boundaries between work and family time. Contrary to "false harmony" (see previous article), the ability to communicate, resolve conflicts, and engage in "constructive conflict" is critical.

Separating ownership and management consciously is really beneficial. Avoid having a "overabundance of chefs in the kitchen." Family members employed in the firm should be hired and assessed on the same basis as other employees. Additionally, "do not recruit anybody you cannot fire."

Consider the Following: Are family members who are active in your family business aware of the various hats they wear? Have you ever been required to manage the performance of a family member's employee? Do you have the necessary governance structures in place to address conflict?

Are you looking for advice on how to make your family business in London operate better? David Werdiger is the number one choice when it comes to London family owned business protocol help. Mr. Werdiger is helping hundreds of family owned businesses pass the torch using his famous London Familosophy techniques

His market is two-fold:

Scenario #1: The older generation wanting to work with the younger generation, bring them into the company, teach them how to run things, and then retire from the office, but not the income

Scenario #2: The younger generation wanting to jump into the family business, but to be able to contribute and be heard, and not having to “wait their turn” before they can begin to help run the business.

Looking for great advice for your family-owned and family-run business? Find out how David Werdiger’s Familosophy Newsletter can help answer your questions and guide you through turbulent times. To subscribe go to https://www.transitionbook.co/transition-membership-sign-in

Visit David’s Website at: https://davidwerdiger.com/ or his GMB site at:  https://goo.gl/maps/YiKUeBhXzapPAYyP6

SOURCE: https://davidwerdiger.com/2021/05/ownership-management/