In this podcast Vincent talks about how expectations factor into creating or managing conflict in family owned businesses. Many first generation business owners built their companies by leveraging everything they had and working very long hours for years before they made a profit. What the company means to an owner who has done this will likely be very different than what it means to a son or daughter who seeks to assume a leadership role in an already established company.
In many cases the upcoming generation may not have the leadership skills, the experience, or the work ethic to keep the business profitable or the employee pool happy. For employees who have worked their way up in the company through their own hard work and talent, a transition can cause real friction if they feel they will be working for new owners they don’t or can’t respect.
These kinds of family conflicts are one big reason why a transition of a family business from one generation to another is especially tricky. It can be done successfully, however, and Vincent talks about his experience in family conflict mediation, how he works with family members in these types of transitions, and the tips he gives to them on how to make it work.