Posts Tagged flexible

Growing businesses often face issues that are left un-addressed for long periods of time.  Issues like succession planning, developing bench strength, and encouraging internal leadership development are often difficult to put in the priority list for time and valuable resources.

Family-owned businesses have exactly the same issues, but with the complicating twist of employing family members throughout the organization.  It is not unusual for these family members to have some confusion around some very important issues related to their progress in the company.

Here are 3 Key issues that family-owned businesses must address if they are to remain vibrant and alive into the 3^rd and 4^th generations:

Provide a Path.  Spell out with all family members who enter the business how they can utilize their skills to create a growth path within the company.  The path must be clear enough to provide them with a roadmap to the future, but flexible enough to enable them to change directions as they mature.

Develop Them. Without opportunities for professional development, even the most talented family member employees falter.  Providing a clear, effectively designed set of developmental tools is essential to help them grow into the next generation of family executives.

Be Honest. This is often the hardest to do, because it means addressing head-on, the hidden (or not-so-hidden) desires of a host of other employee family members.  Leveling with them about their long-term potential is crucial in avoiding family disagreements down the road.

The time spent actively addressing these three issues can help prevent a host of more complicated problems and add significantly to family harmony.