Boundaries
Byron McFarland
Adviser to over $2 Billion in Business Value | Speaking on Equity Incentives and Ownership Succession | Trout Angler and Founder
One of the more common form of boundary on a map was the river. The Missouri river separates Iowa from my home state of Nebraska, for example. In family run businesses, there are no "natural" boundaries, leaving room for confusion and conflict. Operating like a smooth flowing river until it reaches the edge and becomes a waterfall crashing down to earth in plume for foam and spray.
Boundaries determine how the family will interface with the business. Failure to define the interface between family and business is at the root of many family business problems. Family members must not meddle in areas for which they do not have responsibility.
When you define roles, responsibilities, accountability, and private matters you are creating boundaries that all can see and understand. In family enterprise, boundaries need continuous maintenance and enforcement if they are going to do the job for which they were intended.
If you are a family business owner and would like to know how The McFarland Group has guided over $2 billion in business value through transitions of ownership, reach out to me here on LinkedIn or message me through our website at: www.themcfarlandgroup.com