Goveranance is a safe harbor for the family in business.
Unspoken expectations can damage even the strongest family bond.
Managing Family Dynamics
Fractures in the family and the business
A CEO is not only responsible for running a profitable business, but it’s assumed they understand how to manage family dynamics in the workplace. It gets complicated.
- No clear set of rules is established
- Parents try to treat everyone equally
- Children are given titles rather than earning them
- A Board of Directors is nonexistent or lacks non-family member perspective
Create positive family discourse
To lead a multi-generational family business, clear rules and expectations are set for long-term success by:
- Establishing employment policies for family members
- Setting equally clear guidelines for family members not in the business
- Building a board of directors with outside, non-family business professionals
- Creating defined protocols for solving family discourse
We help families have crucial conversations in order to remain families in business
Leading a family business involves managing the business strategy and operations while attending to the emotions and dynamics of the family. Formalizing family governance and business governance is critical to setting clear expectations for both the employees and the family.
VIDEO
A few simple rules can ensure family harmony.
There is a reason why only 33% of family businesses make it to the second generation and even fewer make it to the third generation. Running a business is hard. When you add family, it becomes exponentially harder. Learn why Governance is paramount for families in a family business.
Ready to solve your challenge now?
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Read MoreWonder what it’s like to partner with Compass Point?
It begins with a 30-minute call. Find out how we work with family business owners who recognize that scaling the company requires mapping a course for the Business, Ownership and Family to take the journey together.
Why Compass Point?
“Compass Point has helped us develop a rolling 3-year strategic plan with the leadership team; built in accountability and monthly meeting rhythm to monitor progress, learn, and adjust as needed. We couldn’t have done this without them!”
Appeeling Fruit
