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Why Family Business Owners Need to Feel an Emotional Connection to Succeed

Business man looking at how much the family business has grown over the last six monthsIt can feel shocking when some family business owners decide to step down. Other directors may not understand that they don’t have an emotional connection to the firm. Uninterested leaders can only fake their way for so long before they’ve had enough. However, it isn’t always clear when some members feel isolated and ignored.

Those serving on family governance boards need to be engaged to keep them around. In this blog Positively People talks about some practical ways to forge an emotional connection.

 

Communicate with Younger Family Business Owners Often

Those who serve for a while may not recognize when younger leaders feel left behind. They could be so focused on the family business that they lose sight of the future. These original directors must transition early to phase them into making decisions. Otherwise, they may never feel comfortable including their opinions or taking charge.

Family business succession planning should not happen overnight but over many months. Expecting them to take over instantly will only overwhelm new directors.

Define Future Roles for Family Business Owners

When some don’t include themselves in future plans, they aren’t always choosing to give up control. When their duties never see any revisions, they will just continue on in the same position. Instead, these daily responsibilities should slowly transition to being one of the incoming directors. This allows them to have a clear roadmap for when they take control and how.

Although family business succession is often a tough conversation, it will happen eventually. Otherwise, you will never see continuity planning goals come to fruition.

Make Leadership More Than a Job

For some incoming leaders, taking over is little more than taking on a new job. They show up, offer their opinions, and leave without covering much else. It’s important to instill a sense of pride to establish an emotional connection. Leaders won’t work out if they don’t have a reason to care.

Your family members also deserve to know whether you expect them to step up or not. When it’s nothing more than a dangling carrot, they will lose interest in pursuing it.

Emotionally Connected Family Business Owners are Stewards

When you take pride in your brand, you want it to succeed. Unfortunately, not everyone feels that same way about a family business. Companies can last for generations when shared values underscore every decision they make. Otherwise, the firm can become generic and soulless like so many other brands have.

Forging an emotional connection makes directors want to step up for the brand. If you don’t notice anyone having a desire to lead, it’s because your family business owners m

ay feel disinterested. 

Emotionally Connect with Family Business Owners with Our Consultants

Family business consulting isn’t just to review financial statements but also for helping you with all of your current issues. These can include who you should second guess for leadership and who you think is best suited to lead.

Some conversations aren’t held because they contain uncomfortable topics and solutions. However, that is exactly where our family business advisory services are needed the most. Even the most established companies don’t have all of the answers they need. Contact Positively People to find practical solutions to any problems you have today.

Learn more about Positively People Services in Family Business Consulting.