In his book, The Successful Family Business: A Proactive Plan for Managing the Family and the Business, Hess says the complexity of family dynamics cause most family businesses to operate and make decisions differently from non-family businesses.
“Leaders of family businesses must learn the processes and attitudes that are needed to manage the family versus those that are needed to manage the business,” Hess says. “You cannot manage both the same way. Families factor family needs, hopes and fears into their decisions regarding the business, and only family businesses have sibling or cousin rivalries, jealousies, and competition for parental love, approval and financial favor.”
Not surprisingly, the difficulties faced by family businesses often lead to their downfall.
So if you’re the leader of a family business, how do you manage the complex interplay of family dynamics in a way that makes your enterprise successful? For Hess’ advice, pick up a copy of his book, available at all major online booksellers or visit www.edhltd.com.