When it comes to transitioning a family-run business to the next generation of ownership, there are some specific intergenerational conflicts that must be addressed.
In a family business, governance is often complex. Being the leader of the family business rarely means all other family members obey and follow orders.
The pirates knew what to expect if they had a disagreement—they would be pardoned once, and then they could expect to be punished or brought ashore. The key to success was the fact all pirates knew exactly how disputes would be dealt with, and the fact the rules also outlined certain unacceptable actions.
Although quite brutal, the pirates’ exit strategies were perfectly clear to the crew onboard. The code of conduct ensured the terms and conditions of exits were clearly defined.
When you look at the pirates’ rules relating to compensation, it becomes apparent they left very little room for questions or conflict. The compensation was clearly stated for all positions onboard.
We often think of pirates as barbaric, dirty, and unorganized. However, in reality, pirates knew they needed to manage crew expectations with regard to the execution and leadership of their activities–skills that are also crucial in running a family business.
Overcoming negative trends in family business succession is only possible if attention is paid to the many moving parts inherent in running a business as a family. This article, the second in a two-part series, delves into each of these items and the considerations that must be made to ensure they work cohesively.
With the proper tools and processes, family business owners can give their businesses and their families a greater likelihood of success. This article, the first in a two-part series, outlines some of the basics required to do so.
Family business owners often think their children should be able to gain managerial and leadership skills from simply being around them and the business for years. However, potential successors and current leaders of the family business alike need to be committed to the grooming of the next generation.
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