Updated: May 1, 2022
When the business Leader for the family business changes his/her hat, everyone gets confused. Even the leader!
How does family lead other family members who are now employees? Changing of the guards has a profound effect on the profitability of the company and the relationships of those families are directly involved with the business because, it’s personal. Despite the fact it’s a business, everything that is a business issue now becomes a personal one.
"Family businesses often fail and end up in a business divorce because a family feud among family employees as it relates to business decisions cause emotions to run wild. The family is ill-equipped to handle complex business issues due to the effects of the business decisions and the affect it has on the families the business is supporting."
Lesson 3: Don’t wait to get assistance from a business coach from outside of the company. Anger, stress, and fear comes at a greater cost than what is seen on the balance sheet or income statement.