This Is What I Want
While teaching my class on Family Business Management at Baruch College in New York City, I’ve had the opportunity to draw a parallel to the well-known axiom related to real estate—location, location, location. When applied to family businesses, it’s communication, communication, communication.
Critical for any business as well as any relationship, in family businesses the mandate for communication is needed to address the challenges of business operations, ownership, family dynamics, family-business goals and shared values.
Lines of communication are often thought of with regard to these collective concerns. But there's an aspect of communication in a family business that's not commonly addressed, and yet, if neglected, can precipitate internal discord and even cause the business to ultimately fail.
In a recent interview with Tharawat Magazine, consultant and author Chris Yonker touches upon the necessity for individual family members to feel free to communicate, and pursue, their own interests and individual values:
"Yonker’s outlook pushes for the assignment of roles within the organisation or otherwise based on interest rather than obligation or expectation; to Chris, success is the alignment of purpose and place."[1]
Pressure upon next-generation family members to join the business can be obvious, or subtle. They can be driven by a sense of duty; a feeling of indebtedness to the family history; parental expectations. Often they feel deeply inhibited with regard to saying what role they are genuinely interested in; what kind of future they want for themselves. According to Yonkers: "Those in line to take over must have the opportunity to speak up if their interests lie elsewhere and, in doing so, bring clarity to the question: who is most fit to lead?"[2]
The wrong person in the wrong job can create many kinds of problems, particularly when they are placed in a leadership position. They may be ineffective, causing confusion, conflicts on the job and among family members, and even loss of valuable employees and necessary talent.
It does no good and potentially great harm for the business or the family to force a young "heir apparent" into a role they are not interested in, or unfit to fill. Given the complexity of the issue and of family dynamics in general, uncovering these types of concerns may necessitate calling in a skilled family-business consultant.
We facilitate these important conversations among all members of the family. Contact me by email at: [email protected] or call 212-777-0083.
[1] McCabe, M. (2019, October 15) The Path to a Harmonious Business. Tharawat Magazine. Retrieved from https://www.tharawat-magazine.com/sustain/yonker-harmony-family-business/#gs.cbp8bi
?[2] Ibid.