The enterprise is not just about making money. I hope that you and your family has a greater purpose than that.  I should not judge because for some the quest for more wealth is their singular focus.

Much literature has studied the traditional 3 circle model for family enterprises made up of family, ownership and business. Each of these 3 parts operate within a family enterprise and with best practices, balance and merge all three circles.

Today we focus on the family piece of the three circle model. Lest we forget the importance of preserving and maintaining the family. Some do forget. Throughout history, families have divided so that the business may survive but the family did not. Sad really.  With the $ 100 trillion great wealth transfer upcoming, this potential catalysts of family dissension will be magnified. The families did not have the assistance and foresight to head off the potential divisive differences until these differences boiled over.

This is a very complicated, emotional arena.

Let me say from my experience, many of the challenges faced by these intra-familial differences can be overcome. How? Clear communication and facilitation. Talking through and the working through tough problems which either exist or will arise, not only can keep the business intact, it also can make the family enterprise’s family aspect even stronger.

Take time to reflect if there are “clouds” on the horizon to be addressed now (or soon). Experienced help and guidance certainly can be at hand if you need it.

More here: Succession today blog

Learn, think, apply!!