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Framing a Family Dialogue
Family business owners often fret over succession and dream of the day when their children will come merrily back to work with them. But, what happen when the next generation comes back a little too merrily, toting their own plans for aggressive growth? Instead of debating against one another around growth and change, the solution for multigenerational family teams is to establish a dialogue. A dialogue is formed with the willingness to challenge each other's assumptions, to keep an open mind, and to test different options. Most importantly, a dialogue does not follow hierarchical roles like parent-child, boss-employee, or the one who owns the business versus the one who does not.
Here are some of the questions that may help frame a family dialogue:
First, do you have the communication skills to have an effective dialogue? Most families assume they are able to carry on a dialogue simply because they are a family. In actuality the familiarity of a family can make it very difficult to have a true dialogue around differing views.
Second, do you have the same vision for the future? Families often have a vague vision of working together and they assume that they will figure the details out over time. This is a clear formula for future discontent and conflict.
Third, do you have the same risk profile? It is not surprising that the successor generation is willing to risk more than the senior generation. They key is to establish a dialogue that allows you to generate a business model and structures that accommodate (and possibly moderates) the risk profiles of both generations.
Fourth, is the timing right? Timing is everything. Usually for the successors the time is NOW and for the seniors the time is SOMEDAY. Chances are that both generations will end up out of their comfort zones a little.
Fifth, how creative can you get? Chances are the final outcome will not look exactly like either of you envisioned. We often tell family members to remember their algebra when it comes to change dialogue. Just because a equals b it doesn't mean that a might not equal, c, d, or even e, f and g. The point is that once you start a true dialogue, you may find many more options than you originally envisioned.
Posted by Timothy Habbershon on August 04, 2008 14:47
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