Monday, April 6, 2020

We Are In A Crisis What Does It Take To Lead A Family Business

 Leading a successful family business through unprecedented times requires a clear understanding of positive family relationships and a clear understanding of business relationships (known as employees, management, vendors, and customers).

During these uncertain times, positive family relationships do not occur by accident or by just thinking positive thoughts. Some debate whether positive relationships are the result of focusing on ‘quality’ vs. ‘quantity’ of time spent. We all now have a quantity of time. To keep positive relationships requires intentionality. How do you do that?

  1. Commit to the focus needed to guide the family and business. It is easy to become distracted or distraught.
  2. Keep the balance between your individual needs, the family needs and the business needs. You need to do self-care so you can care for the family and the business.
  3. Commit to enjoy activities together as a family.
  4. Maintain the balance between personal and interpersonal privacy.
  5. Remember, you won’t have all the answers.
  6. Use this time to learn as a family how to have the difficult conversations and still love each other.
  7. Communicate, communicate, communicate. Be open, be honest, be truthful with your family, your employees, and your business. If you are not able to be face-to-face, use the phone, Skype, Zoom, SMS.
  8. Commit to providing grace, love, and support.
  9. Leadership can be lonely. Utilize the support networks you have, your family council, your Advisory Board, your Board of Directors, your management team, your friends, and your advisors.
  10. Eat well, sleep well, exercise, lean in on your faith.

It is in these times family business leaders are called upon to provide strong leadership with a sense of hope. Cast the vision.

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