Disputes can cause major disruptions within a family business and even spell an end to the business if not handled effectively. This is exactly why learning how to facilitate dispute resolution in family business is vital. The development of a shareholder agreement can prove to be invaluable in resolving differences and protecting a family business from making destructive decisions.
Learning how to build positive working relationships is essential in a family business. Positive relationships are a factor in the success of the business and in the level of satisfaction at work. To build good working relationships in a family business, employees of the business must be proactive in making social investments in one another.
The strength of social relationships and strong ties to their manager can distinguish the happiest employees from everyone else. Family business support can be the greatest asset of a family business. Workers who believe their supervisor cares about them as people are oftentimes more productive and more likely to stay with a company long-term.
Positive bonding within families is a critical factor in the long-term achievement of the family as well as the family business. Families that have a culture of love and support ultimately lead to more successful working relationships and family business success. Social investment and bonding in the family business is an invaluable factor.
Strategic business decision making is related to consensus decision making in family business. Families that use a strategic business decision making process are committed to discussing issues until there is full agreement to move forward and implement a decision. If a family is committed to working together for the long term, it is best to embrace this model.
Family business values was one of the topics presented by David Bork at the Family Firm Institute’s 26th Annual Conference in Brussels, Belgium. Included in the presentation was a discussion about how the values and fundamental beliefs of family business counselors provide the foundation for their work with family business clients.
An Elegant Agreement is a family business agreement that is grounded in integrity. This type of agreement is analogous with the quote, "Take the high road through life. The view is better and it’s less crowded.” The Elegant Agreement is a win-win for everyone involved in a family business and helps preserve family relationships.
When family business conflict affects a family, the result can be catastrophic. In order to prevent family business conflict from destroying family relationships, it can be beneficial to engage a family business consultant to help the family work through the difficult process of coming to an agreeable resolution to disagreements.
Family business leadership and values-based leadership is the next window of development in the family business arena. It's important to make sure everyone involved in the family business understands the business mission and values. When a company takes the time to define its core values, a positive shift in the company culture can occur.
Family business structure and the concept of adapting and evolving applies to family-owned business. When creating solutions for a family business, the first step is to analyze the functions that need to take place to make the business work. Family business structure and efficiency can ultimately lead to higher profitability.