A substantial percentage of businesses in the United States are either family-owned or operated. However, working in or running a business with family can be a love-hate endeavor. Is there a way to keep the peace? Today, we’ll be reviewing four tips to overcome conflict and keep the peace in family businesses.
1. Separate Work Life and Personal Life
This is easier said than done; however, it’s not impossible. Separating work life from personal life and vice versa can help with conflict resolution when dealing with a family business. Separating the two might be easier if you see each other as co-workers, not family members, while you’re conducting business. Making that separation mentally can put personal relationships aside and help make business decisions without conflict. It’s important to keep work conflicts at work and home conflicts at home. Doing so can avoid stress and drama in the workplace.
2. Set Boundaries
Setting boundaries with family members is crucial when running a business. Clarify expectations with one another and don’t let egos get in the way of making decisions. Compromising and hearing each person out can help solve conflicts within the workplace as well. Communication is key when running a family-owned or ran business.
3. Don’t Be Afraid of Change
Each generation should consider its own purpose and direction when running a family business. What worked for a business 10-50 years ago might not work as well today. Don’t be afraid of change. Learn to grow with the times. Value the opinions of each member of the business and family. Throwing ideas out on how to change and grow could help a business. Refusing to grow and evolve might hurt a business more than expected.
4. Have Fun
While being in a family business might bring challenges; it can also be fun! Don’t be afraid to have fun with a business. Everyone has the same goal at the end of the day and that’s to create an impactful and successful business. Why not take time to enjoy it with one another? Each person in a business is valuable and brings their own assets and ideas to the company.
DYE CULIK PC is a Charlotte, North Carolina small business and franchise law firm. Our attorneys love working with family-owned businesses to help them grow and protect themselves and the business. Contact us if you need help or legal advice for your family-owned business. Follow us on Instagram for the latest updates on CLT small businesses.