Successful Family Owned Business Survival Mentoring | Melbourne | Familosophy
According to research, 60% of failed intergenerational family wealth transitions are the result of trust or communication issues. In families, communication is not a priority. It encompasses everything. If a family is unable to communicate, it will be unable to function as a unit. That is all.
How can ineffective communication manifest itself? A lack of communication (e.g., "it's none of their concern," "they don't need to know," "we know what's best for them") is patronizing, infantilizing, and results in a loss of trust. There is frequently a reluctance to discuss family money or estate planning with family members due to the potential for conflict. However, avoiding discussion allows latent conflict to grow. Certain cultures have a strong belief in rigorously respecting the mature generation, which can create hurdles to interpersonal and internal communication. Interactions between family members that are negative, emotional, distracting, and destructive might result in the "Family Drama Vortex."
What constitutes effective communication? Providing a forum for family members to discuss and resolve challenging concerns such as "What is the purpose of our wealth?" "What is the purpose of our family?" and "What is our genuine worth?" We must listen in order to communicate successfully. This may sound like a cliche, but not everyone is capable of it, even when speaking with someone we believe we know well, such as our children.
If your family has a history of bad communication, you will need to work especially hard to reestablish trust and learn to communicate effectively now. To resolve toxic situations such as the Family Drama Vortex, we must first acknowledge that drama and dysfunction are the result of undeveloped communication and interpersonal skills.
Because communication is challenging, particularly across generations and boundaries, external assistance and facilitation might be beneficial. That is best accomplished through the expertise of a professional, not necessarily through the 'default' choice of lawyers and accountants.
Consider the Following: How would you assess your own family's communication ability? Is there any subject that "we don't discuss" or that gets shut down every time it is brought up?
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His market is two-fold:
Scenario #1: The older generation wanting to work with the younger generation, bring them into the company, teach them how to run things, and then retire from the office, but not the income
Scenario #2: The younger generation wanting to jump into the family business, but to be able to contribute and be heard, and not having to “wait their turn” before they can begin to help run the business.
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