Family Roles and Relationships

•Parental Concerns in Passing the Business On:
–Does my child possess the temperament and ability necessary for business leadership?
–How can I motivate my child to take an interest in the business?
–What type of education and expertise will be most helpful in preparing my child for leadership?
–What timetable should I follow in employing and promoting my child?
–How can I avoid favoritism in managing and developing my child?
–How can I prevent the business relationship from damaging/destroying the parent–child relationship?

•Husband–Wife Teams
–Opportunity to share more in each other’s lives
–Business differences interfere with family life
–Work doesn’t leave time for family life
–Sharing family responsibilities eases the load
•Sons and Daughters
–Personal preferences different from the business
–Personal qualifications insufficient to assume role in business
–Desire for personal freedom to choose another career

•Sibling Cooperation, Sibling Rivalry
–Best case: siblings work as a team
–Worst case: siblings compete as rivals

•In-laws In and Out of the Business
–Disagreements about how to treat and reward in-laws and family members/children
•The Entrepreneur’s Spouse
–Communication between entrepreneur and spouse is critical for them to perform as an effective team for both the business and the family.