Families and communication. This last weekend, I was watching a reality show about a family business in trouble and the resulting restaurant and family makeover. The third generation restaurateur family had reached a point where they may have had to close the restaurant.   Business was that bad.  Most aspects of the business were dysfunctional and most importantly the family was disintegrating. They needed an intervention. It took the stalwart strength of the parents to face the dire situation and reach out for help. Someone, an outside person, was able to guide them to improve not only the restaurant’s operations but also strengthen the family ties. What they discovered was that they had the ability and in-house knowledge to turnaround their restaurant, when the parents and children worked together.  All they needed was someone from outside to point this out to them.

Takeaways?

1. Always remember the “family” in family business
2. Communicate clearly.  Your cxpectations, your frustrations and your issues. Family members will always be your family.
3. This makeover process can strengthen your foundation to improve your succession plan implementation.

Learn think apply!