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How to Run a Family Business

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Running a business is hard enough without adding family dynamics into the mix.  However, according to a 2018 Family Business survey from PricewaterhouseCoopers, it seems that family businesses are in robust health, with levels of growth at their highest since 2007.

Forbes magazine recently featured an article titled, “How to Run A Family Business Successfully,” where author Kerry Hannon interviewed Rob Lachenauer, partner and CEO with Banyan Global Family Business Advisors in Boston.

Rob’s quote at the beginning of the article sums up the most common concern family members have when choosing a career path inside a family business:  “In a non-family business, you can quit your job and it’s usually a career enhancing move. In a family business, you sure can’t quit your family.”

Hannon’s article digs even deeper into the intricacies of running a family business through a variety of questions she posed to Lachenaeur during her interview, including:

  • What are the biggest challenges family businesses face that other businesses don’t and how can families best deal with them?
  • What makes some family businesses succeed while others fail?
  • What’s your advice for working with your children? Siblings? Older Parents?
  • In what way is starting and running a family business harder these days than in the past?

To read Rob’s responses to all those questions, click here.

Credit: forbes.com

If this article was helpful and prompted you with an increased desire to improve your effectiveness as a leader within your Family Business, contact us to learn more about our Aepiphanni Ascend Leadership Development program.  Fill out the form below and we’ll be happy to schedule a Coffee & Consult to chat in more detail about how we can help.

Kris Cavanaugh Castro is the People Development Coach at Aepiphanni, a Business Consultancy that provides Management Consulting, Implementation and Managed Services to business leaders and entrepreneurs seeking to improve or expand operations. We are the trusted advisor for business leaders who are seeking forward-thinking solutions to help them plan for and navigate through the challenges of business growth.  Kris has over 25 years of coaching, training and mentoring leaders to greater success; and she periodically writes about leadership development and facilitates change management conversations.

We would love to hear from you.  Please share your thoughts and comments below.

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