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Family Harmony and Las Vegas....How Are They Related?
November 9, 2007
There is a narrow sliver of commonality between the family business and Las Vegas. Such as in “What happens in Vegas stays in Vegas”? In similar fashion, there are some things that happen within the family business that should stay at the business.
Now these family business activities have no similarity to the craziness that Las Vegas promoters contend come from a Southern Baptist librarian and should not be interpreted to discourage open and active communication of strategic business issues to family members with vested interest in the business. However, a blow by blow description of daily operating events to family members who are not employed in the business, and do not have full perspective of circumstances, could be problematic. In the absence of understanding the context or events, the natural bias of inactive family members for or against an issue, or an individual, can create vulnerability to conflict and stress.
Here’s a shocker – family business consists of both a family and a business. To explain the relevance, the family component is packed with prideful emotions and entitlement expectations that can significantly impact perspective of what is right or wrong about the business and the people who work in it.
What I am speaking to is that non-employed family members such as parents, siblings, children, in-laws and out-laws are sitting in the bleachers observing the goings-on of a family business. Although not employed, these “family business fans” typically know all the players based upon occasional visits, Christmas parties, summer picnics and the not so reliable gossip line. Some are even alumni who were previously employed and since retirement or withdrawal have become experts on everything. And, in support of their sensitivity, no one in their right mind would argue that they do not have a legitimate vested interest in the business both from the classical financial perspective as well as from the emotional perspective.
The lack of full perspective combined with strong emotional bias is very volatile in a family business situation.
My next posting will focus on how to minimize the potential for unintended family business fireworks.
Posted by Loyd Rawls on November 9, 2007 | Comments (2)
