The Family Meeting
Build Your Family’s Emotional Equity
However, when you are involved in a family business, you cannot often step away and separate yourself from work. Without a family plan, you lose your family’s emotional equity as a result of not having the ability to compartmentalize your work and home life successfully. As a result, the business may build equity and thrive, but the family will fall apart. This defeats the point of maintaining a family business. The idea of a family business is to strengthen your family both emotionally and financially. Otherwise, it is best just to have a business and keep your family separate. However, if you are willing to work on your family as well as your business, properly managing a family business can help your family appreciate each other and maintain wealth as well.
The key is understanding that family and family business must be in sync with one another to be successful. Resentment, loss of family ties, and a general breakdown of communication will hurt the family, of course. But it can also harm the business as well, complicating the succession plan and inner workings of the business. For help developing your family plan and building your family’s emotional equity at the same time as your business equity, contact the family business experts at Hubler for Business Families at (612) 375-0640.