Preserving a Marriage: There is a danger in husbands and
wives working together. All too often, business discussions continue at home
and into the evening. Some couples manage their lives with this continuous
exposure to business, while others find that it is invasive and intrudes into
family matters. Without clear boundaries, separating the business and the
marriage, there can be unhealthy consequences to the marriage.
Children Involved in the Business: It may not be evident
to parents in a family-owned business; children involved in the business are
highly competitive. Often what underlies disputes among siblings is long-term
unresolved issues. Communication is essential for children to work together and
prosper in business.
Intervening in Family Disputes: More often than anyone
would like to admit, alcohol and other substances are a problem in the
workplace. Unfortunately, this creates friction and hard feelings among family
business principals. While family members wish to be tolerant of problems with
other family members, company employees are quite interested in how the family
will approach and resolve their problems.
Hiring Your Own: Integrating family members into the
business requires some important planning. Structuring a job description and
assigning someone other than family to provide supervision is essential. How
this is organized and presented is crucial to successfully bringing family
members into the business.
Succession Planning and Principal Retirement: Succession
planning for emergencies or for a principal retirement can be of great
importance to maintaining business continuity. Choosing the right successor is
an outcome of hard work evaluating family member candidates or outside talent.
No one should be a shoo-in without experiencing the rigorous assessment for
readiness and an educational plan developed to get your choice ready to take
over without your assistance.
Planning and Reflection: Family
Business Retreats are one of the best ways to help family members gain
perspective about the family business. It is an excellent opportunity to air
and resolve unique issues affecting all family members, not just those involved
in the business. In a retreat, all family members will be able to focus
immediate concerns, plan future business events, and exchange a reconnection
with other family members.
How to Contact Dr. Northington:
Marshall W. Northington, Ph.D.
San Rafael Medical Town
6612 East Carondelet Drive
Tucson, Arizona 85710