When we speak with a family business, team building is often not a priority. Little do they know that these activities help prepare future generations. This becomes more important now than ever before with such a diverse labor force. Some firms even have several generations working at once, but few benefit from their experiences.
That is where our family business consulting team can come in to help you find your next leaders. During continuity planning, you’ll learn what we look for to assemble the best directors possible. Read on to learn more about this important topic.
Treat Family Business Succession Planning as an Investment
Yes, family business succession requires time, energy, and resources to have it pay off. However, that doesn’t make it any different from other investments. When family governance boards also become involved, it can take even longer. While it may feel frustrating that it’s not moving faster, it’s important to give the process the same respect you would for issuing shares and bonds.
Knowing that plans are already in place eliminates many variables later in the company’s life. Start investing in your brand’s future with family business advisory services.
Think Like a Family and Act Like a Family
When new members take over, they often feel alienated, if not unwanted. By introducing younger members to existing ones now, you can build towards better relations. Many family brands have several generations, but oftentimes few interactions happen.
When you take the time to have multigenerational interactions, it builds trust. It’s also important to see the differences in age, experiences, and success to see who pairs the best.
Vulnerability Helps to Foster Trust Faster
Some family members have developed mythological reputations, while others instantly mistrust new partners. One way to foster trust between generations is to remain vulnerable to others. When we are vulnerable, we strip away any preconceived notions and become honest.
Hearing the truth, as well as the good and bad, prevents rumors and lies from emerging. If some members stay on guard and closed off, you may need advanced training.
Embrace the Past While Looking Ahead
Teams usually don’t work together well because of differences in how policies should look. Some want to repeat past successes, while others want to take on new risks and challenges.
Keeping the brand’s history alive helps to curtail any wildly different changes. Innovation becomes necessary, but so does having an identity and values. Your company’s history can bring different generations together through stories, exhibits, and presentations.
How Will You Build Toward a Better Team?
Some families seem like a natural fit to form a company together, while others are thrown into its operations by circumstances, willingly or not. We work with many unique brands, families, and partners with experienced business advisors. Our team understands your firm’s needs and where to look for unspoken problems.
Our goal is to bring families and their foundations closer together for long-lasting partnerships. Secure your company’s legacy today with the advisors behind Positively People and contact us for a consultation today.
Learn more about Positively People Services‘ Family Business Team Building.