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Leading a successful family business requires a clear understanding of conflict management (known as positive family relationships) and a clear understanding of business structures (known as governance).
First, positive family relationships do not occur by accident or by just thinking positive thoughts. Some debate whether positive relationships are the result of focusing on 'quality' vs. 'quantity' time spent. However, positive relationships require a T.I.P.; time, intentionality, and proximity. How do you do that?
Second, sound business structures are critical to profitably grow the business in an ever-changing competitive environment. In general, corporate governance is "the system of rules, practices, and processes by which a company is directed and controlled." For family businesses, governance should help formalize issues such as ownership, leadership structures, control, conflict resolution, and communication. For many families, the process of developing family governance can be as valuable and educational as the final product. What could that look like?
Good governance and positive relationships require discipline to execute and hold each other accountable. It is not too late to get started.
Dr. Steven K. Moyer is president/managing director of SKM Associates Family Business Consultants, a company that consults with and assists businesses in growth and development. 215-256-5997 http://www.netfamilybusiness.com.