Have you ever played the part of Referee?
If you’re a Second Generation owner of a family owned business, you have probably found yourself in this position.Your parent(s) worked hard to establish a successful business.Their ideas, values and work ethic served them well and they loved and nurtured the business as part of the family.They were thrilled to pass on their knowledge along with the business to you.But now your children are beginning to get involved in the business.And in this fast-moving world, they have their own ideas about how the business should be managed, grow, etc.You find yourself in the middle.
First generation owners have certainly proven they have great skills, ideas and knowledge.But are their skills and knowledge transferring to growing a business in the ever-changing world we face today?Our children have the enthusiasm and new skill sets so relevant in today’s world.But do they really have the maturity and business knowledge to implement those ideas?And now they are clashing.Both generations feel disrespected.Neither wants to give up their own ideas of how things should be done.
How do you, as the “sandwich” generation, incorporate the good from both and keep them talking to each other, working with one effort, to enhance both the family and the family business.
I look forward to hearing your thoughts and feedback