“Siblings bring a unique dynamic to family businesses. The sibling relationship, arguably the longest of life’s relationships, add some of the most rewarding – and some of the most complex – aspects to life in and outside the business. It is not unusual for these complex aspects to become magnified when operating and growing a business handed to them by founding parents.
This process comes with tremendous challenges for siblings to fill the shoes of a founder while simultaneously figuring out how to move from a single leader model to working as a leadership team. Questions like who is equipped to lead, what kind of leadership/management configuration will be employed, who will serve on a board, and who will be simply “proud owners’, are just a few of complex issues that a sibling team will address.
One question that will be addressed in an upcoming Webinar, May 18 is how can siblings prepare themselves to be effective leaders of the family business? Besides completing degrees in appropriate management or leadership fields, siblings can also position themselves for success in many important ways by working explicitly on their partnership, for example, by committing to weekly or monthly owner’s check-in meetings to talk about the business in terms of the family’s interaction with it and with each other. This meeting should be in addition to any “official” board meeting or executive management meeting and can improve communication while staving off some of the challenges that come with sibling teams.”
For additional information or to register for the May 18 webinar click here.