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The family business is both an opportunity for a family and can also become a family disaster.

Almost anyone running a commercial enterprise aspires to see the organisation perform optimally.  

It’s fantastic that a younger family member may show an aptitude or desire to work in the family business.  They may be the natural and planned business succession.  Fantastic.  

That said, let’s position them for success. There are mechanisms to fast-track a raft of business and leadership skills, knowledge, and experience. 

Be sure to have open discussions with them and facilitate some of the learning you’ve had as the business became established. Remember that in this circumstance, you’re in the difficult, if not impossible, position of being a parent and hiring manager.  

A long time in family is a short time in business, and without much care & attention, the family conversation lands in the business arena. Unfortunately, this includes the misunderstandings and family disagreements that can naturally occur but are better kept away from the mechanics of business operations and leadership.  

Assumptions and perceived obligations can cause havoc.  Don’t assume they picked up over the dinner table all the tough lessons you’ve learnt over the past years.

Along with having pre-defined guidelines on family involvement in the family business, here are a couple of additional thoughts to consider:

• Capability development – you would invest in a key staff member, double down on a family member, identify & define a clear set of core competencies and find & facilitate that training and executive education across all the business areas you wish someone would have provided for you.
• Provide a mentor/ executive coach to support them in their growth journey.  This is a common practice offshore, supporting family member business skill development & competencies while preserving the virtues and all important family relationships.  

A long time and business is a very short time in a family.  Don’t waste the opportunity to position your child and your family business through short-term thinking.

At Kimpton & Co., we assist intergenerational families across all aspects of capability development.  Having a real focus across all domains of family wealth, we work cooperatively with trusted advisors or asset /wealth management structures, bringing the human elements to the conversation.  Recognising the importance of family relationships and the various dynamics that play out, health, well-being, and educational circumstances, we have specialists trained in family governance and decision-making fit-for-purpose structures, leadership and capability development and work with individuals on transitional issues.  For more details or a confidential chat, visit us at www.kimptonandco.co