idea gardens inc.

Family Owned Business

In a family owned business, life and work are even more entwined than other owner managed businesses. Relationships can be very complex when siblings or parents are also partners. It can be very difficult to separate the personal relationship from the business one.

We have found it very helpful in family businesses for members to identify personal needs before even beginning to look at creating personal or business visions. (This is a useful step for all clients, but is crucial for family businesses). Identifying needs and developing strategies to have them met outside the business can go a long way in dealing with some of the issues that commonly arise in family owned businesses.

Development of personal visions for members involved in the business helps to ensure that each person is crystal clear about what’s right for him/her. This can uncover some fundamental differences so that members can deal directly with the issues rather than wasting time and resources dealing with symptoms.

Creating a shared business vision both focuses business direction and makes room for individual family members, so that the family is working together rather than against each other. Having common ground makes it easier to go to the next step “to create what they want from what they have.” We work with families to use the resources available today to create the form the vision can take NOW.

This means families are able to experience what it’s like to live their business vision in the present. Living one’s vision builds confidence and capacity and opens up new possibilities. Because work is aligned with the vision, it’s meaningful; because it works with the resources currently available, work is also effortless, balanced and sustainable.

The vision is the touchstone that allows family members to determine which opportunities to seize and which to pass by. Having a common touchstone builds trust in each other’s decisions and confidence in the ability to work together, even when the form the vision takes changes.

How does this look in real life? Read the experiences of some of our clients:

Family Business: Nina and Trine’s Story