5 Signs You Need a Family Business Coach
Family Business Coaching
The business of family is hard.
A family run business is even harder.
Anyone who runs or works in a family business will tell you, it’s not all roses.
In a family business, the “family” can bleed into the business with disastrous results.
Managing family dynamics is never easy. It can be quite challenging to manage and balance all of the needs of different family members, not to mention the endless needs of the business itself.
For many (and I mean a lot) of family businesses, navigating all of the nuances and challenges of family business is tough. And many family businesses and families suffer because of it.
Here are 5 signs that you may benefit from bringing in a family business coach.
1. Lack of Honest Communication
Open and honest communication is crucial in every family business, but it’s never easy.
Honest and open communication in a family business is complicated.
Business families who lack communication often end of experiencing resentment, infighting and sometimes a toxic work environment.
In cases where the communication problem has festered for months or years and each individual is dug in, a family business coach can bridge the communication gap and get family members talking and working together.
2. Resistance to Change
In a family business, some members of the family may be resistant to change.
Sometimes this resistance to change is found in the founding, or most senior generation.
This generation often started, or grew the business. And under their leadership, things were done a certain way.
When new generations are brought into the family business, they often bring new and different ideas with them in terms of how things should be done.
With different opinions on how things should be done, change is unlikely to happen.
A family business coach can help find the balance between established ways of doing business and innovations that can be added to a family business to ensure its continued success.
3. A Directionless Future
When current and future leadership are at odds over the future of the company and fail to discuss their differences, the stalemate can linger, eventually creating a difficult environment.
Ownership succession planning and leadership transition planning are important actions to take to promote a future direction for the family business.
If your family business has not come to an agreement regarding future planning, and the lack of planning is causing tension, it might be time to bring in a family business coach.
4. Lack of a Succession Plan
Far too often, family businesses not only lack a succession plan, but the issue has never even been discussed.
When the leader of a family business nears retirement age, his or her kids working in the business want to know who will be next in line to lead.
Many family business leaders are hesitant to talk about a succession plan because they have not yet accepted the fact that eventually they will have to relinquish control. But not talking about it doesn’t mean it’s not happening.
Failing to design and communicate a succession plan creates a feeling of uncertainty and fear among both family members and non-family employees. Open communication and a succession plan are imperative.
A family business coach can help you develop a customized succession plan.
5. The Knowledge Silo
Keeping the foundational knowledge of a business close to the vest is risky, but it happens far too often in family businesses.
Those who have built a business on their own can be reluctant to share their secrets. Not because they don’t want anyone else to know, but because they simply don’t trust anyone else to do what they do.
Sharing this knowledge with the next generation of leadership though is crucial.
A family business coach can help develop a platform for knowledge sharing and help set your family business on the right path to succeed in the future.
Is Your Business Ready for Family Business Consultant?
If you think your family business may benefit from a family business coach, please visit: www.abbusinessbuilders.ca to learn more about the ways we help family businesses like yours.