Working simultaneously with multiple family members is one of the biggest challenges in family business. If not managed properly, it can be a bitter pill to swallow. However, if the environment is managed properly, it can act as a source of pride and satisfaction for the entire family. In a recent article, Rick and Jeff Platt, a father son duo, offered four suggestions that helped them manage the challenges of running the business together.
- Establish a board to manage conflicts. This helps family members to look at problems objectively without letting emotions and pride come in the way.
- Play to your strengths. Different family members bring in skills that are complimentary to one another. Knowing and respecting each other’s strengths can lead to success.
- Don’t bring your family relationship into the office. In order to run the business efficiently, it is important to view family members as business partners.
- Spend time together outside of the office. It is essential to keep communication lines open among family members. One way to socialize, without talking shop, is sports.