Average life
expectancies have been going up for years now – with the Social Security
Administration listing average life expectancies as 84 for men and 86 for women
– and the numbers continuing to trend higher. It is not unheard of to have three or even four generations
of family members alive and working in a family business at the same time. This creates both challenges and
opportunities for enterprising families.
Successfully navigating the journey of a family business requires a
combination of discipline, communication, deliberate planning, and difficult
decisions. A professional coach
can provide invaluable support along the way.
There are a
number of benefits to utilizing a family business coach to help the family
navigate the family, generational, and long term issues. A coach can bring clarity to issues,
perspective based on experience, and unbiased relationships with family
members. In addition, a coach can
provide:
1. Unbiased
Input. A coach can act as the unbiased
mediator between family members as well as offer unbiased reviews of business
issues.
2. Strategic Insight. A coach can ask tough questions and be
a sounding board for family members to test new ideas, particularly with
respect to ownership planning, management planning, and family governance.
3. Giving Voice.
A coach can be a safe outlet for both family and non-family employees in
the business to discuss concerns or perceived inequities. Additionally, the coach can help
provide both employees and family members the tools to help foster
communication, particularly communication about delicate or difficult to
discuss issues.
4. Succession Planning. Senior family members do not always
want to recognize their ultimate departure from the business and do not always
admit they will one day need to transition the leadership. A coach can provide
support to foster the dialogue and develop a plan to pass the baton to the next
generation.
5. Asking the Difficult Questions. A coach can also help family members
identify and articulate hidden issues – usually underlying, perhaps unspoken,
issues that are emotional in nature yet critical and fundamental for the family
to navigate and openly discuss in order to nurture trust within the family.
A professional
coach can help the family business function with discipline and forethought to
ensure sustainability for future generations. The coach can help the family
achieve family goals by helping to establish the framework, training, helping
with talent development, and fostering reflective planning for the future.
