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The family at the core of its business is a beating heart of individuals, all at different points in their professional and personal lives. An ever-widening technology, age and cultural gap between generations may often mean that parents and children, or even elder and younger siblings may have vastly different values, practices and outlooks.
With this in mind, it’s not surprising that difficulties and differences often arise between successive generations during the everyday operation of a family business. Sometimes, family members choose to keep their opinions hidden, going against their individual interests and values to ensure that relationships are kept smooth and conflict is minimised. Alternatively, differences may boil over, leading to schisms and clashes between members that threaten the continued health and momentum of the business. Neither situation is ultimately optimal for the family nor the business.
It’s time to step back and reconsider your role and whether or not you’re making the most of it. Perhaps you’re not speaking your mind out of respect for how things have always been done, or you’ve had disagreements about the direction of the business going forward.
Now more than ever, it’s important to put your thoughts and opinions in the open, or expose yourself to different perspectives. As much as it is important to speak up, it is just as important to listen, to be patient and listen to different generations with an open mind.
Family businesses that bring out the best in each generation do this well. At the recent Family Business Australia conference, we heard a second generation family member recount his father’s words: “I don’t know what you are doing but I will pretend it’s good.” Although the parent lacked a full understanding of his son’s plan, that belief in his own child and allowing him to have the room to trial his ideas – to fail and to learn – is how we can bring out the best in each generation.
Grant Thornton’s Family Business team helps clients to unlock the potential hidden within your family. We act independently to facilitate a discussion amongst generations, working with all sides to keep the conversation on track, ensure every family member is heard, and ensure that the business vision remains clear to all contributors.
There are great thoughts and perspectives to be gleaned from every member of a family business. Ensuring that these members have the opportunity to be heard – to debate and refine their ideas, to make mistakes and learn without judgment – can mean the difference between a family business that stays innovative and relevant, and one that is crippled by conflict and indecision.
If you think you and your family would benefit from having a Family Business Council session, please contact our team.
