Hundreds of those working in family business have shared their stories with me. Here’s what I’ve learned. There is nothing better or more frustrating than working with genetics!! Being part of a family business is a challenge! Combining habits, expectations, personalities, differing goals, and multiple generations creates a collision course.
During #AgChat, Tuesday, August 10, 8-10 p.m. ET, I’ll be sharing bits and pieces of lessons learned from hearing the stories and working with those in family business.
In my book on the topic, I point to 10 Common Mistakes of those in Family Business:
- Assuming all genetic relationships equal good working relationships
- Believing the business can financially support any and all family members who want to work together
- Assuming others will / should / must change and not me
- Presuming a conversation is a contract
- Believing mind reading is an acceptable form of communication
- Failing to build communication skills and family meeting tools when the times are good so they’ll be in place to use when the times get tough
- Ignoring the in-laws, off-site family, and employees
- Forgetting to use common courtesy
- Having no legal and discussed estate, management transfer plan, or buy/sell agreement
- Neglecting vital facts of fair and equal, paying cash for emotional debts, and failing to celebrate
Jolene Brown, CSP, is a farmer, professional speaker, and founder of the Business-First Family Institute. She cares deeply about the ag industry. Jolene’s a passionate supporter, promoter and champion of farm families and has developed a variety of programs and products that identify the challenges they face and steps they can take to maximize performance, productivity, profits . . . .and peace of mind. Contact Jolene through Twitter, Facebook and LinkedIn.