Family Businesses can be made up of many variations, and with each comes many different personalities, problems and perspectives on how the business should be run.  At the Goering Center, we have seen and heard it all.  Your issues are not as unique as you may think.  Here are several examples of Family Business Units.

Siblings

The inherent competitiveness among siblings is prominent not only in personal life but also in businesses. You may be the dynamic and highly motivated brother ready to change the business and grow with current corporate need. You might be resenting your elder brother’s resistance to change as he believes in sticking to original family business rules.  The clash of ideologies strains the relationship between you and your brother and also between you and your employees.

Goering Center can help you find the best possible solution for a win-win solution!

Succession Dilemma

Passing on the baton from parent to child is a traditional transition carried out in family businesses. During this critical phase of your business, you realize that there are many questions to be answered. Are you ready to let go of your business to the hands of your son/daughter who are still in the grooming or training phase of their career?  Is your successor ready to carry the business on his/her shoulders?  Perhaps bringing in a non-family transition leader is best for the business?

Goering Center can be the perfect catalyst to which can help you refine your decisions and have a smooth transition through the Next Generation Institute.

Marital Overlapping

Being partners in business and in personal life can be beneficial but at the same time prove very stressful.  As your business grows, you may discover that you and your spouse find it difficult to draw lines between business and personal time. Responsibilities increase and uncertainty to trust augmenting employees with financial and legal matters leads to increasing the work load on your and your spouse.

Goering Center can help you to stay focused on your business and simultaneously create sufficient space for your personal relationships.

Extended Family & In-Laws

Having your cousins and their spouses in the same business is another unique scenario in the family business.  As the family members keep adding to your growing business, it becomes difficult to openly criticize the work if needed. It becomes difficult to plan the compensation and financial matters considering everyone involved. So much concern, mistrust and anxiety may lead to adverse effects in the work place.

Goering Center can help you to streamline such complex situations and thus help treat everyone in the fairest way possible.