Let’s take a fictional example based on actual situations. Bizco is a 35 year old real estate company, growing and profitable, moving from G1 to G2. From the beginning, mom and dad, along with their son and daughter, have set a goal of building BOTH a strong family AND a strong business. And, they have succeeded!
How? They started early! While the children were young, the family actively participated together in volunteer activities and travelled together, building strong relationships and open communication. The parents spoke openly with their children about the growing business, its contribution to the community, and the values that guided the business’ growth and decision-making. Although the parents encouraged the siblings to consider a career in the family business, they were clear that employment would be based on qualifications and skills, not family status. At the same time, they encouraged the siblings to explore their individual interests and passions with no pressure or requirement to come work in the family firm. The parents also demonstrated through their actions the power of a strong, mutually supportive family.
As the siblings entered college, the sister participated in the business’ summer internship and began to develop an affinity to real estate. Brother was more interested in animal medicine and found summer employment in a local vet’s office.
These different interests reached their logical conclusion, and the decision to employ the sister but not the brother in the family business came logically and without drama. The brother pursued his interest in veterinary medicine, but remained an active and supportive family member to his sister and parents. They continued to travel and volunteer together, now including in-laws and grandchildren. Employment of one sibling and not the other had no negative impact on the family, which continued on its supportive and loving way. And, since ownership of the business will pass to both siblings, they have begun meeting as owners to learn and plan for the future.
The family’s emphasis on family AND business started very early. As the years went on, the two were proven to be compatible — not in conflict.
We have looked at the most fundamental — although not simple — paradox for family businesses and gained insight into the importance of starting early and being consistent in supporting a “both/and” approach. Please share your questions and experiences with us!
My deep thanks to Dr. Barry Johnson for his pioneering work and inspiration in this field. Please see www.polaritypartnerships.com for more on polarities and paradox.