Not every family should start a family business

What you need to know:

In many of our families, leadership naturally follows age. The eldest is expected to lead and the younger siblings to follow. Families may work that way, but businesses shouldn't. Leadership is not a birthright; it is a responsibility. That can be an uncomfortable conversation, but avoiding it doesn't make it any less important.

Can we disagree without becoming enemies? One of the greatest strengths of many of our families is our desire to preserve harmony. We are taught to respect our elders, avoid confrontation and keep the peace. Those values strengthen families, but can we also make room for constructive conflict? A study published in the African Journal of Business and Economic Research found that conflict is inevitable in family businesses. The difference is that successful families develop healthy ways of managing disagreement instead of relying on hierarchy or family authority alone.
Would we choose competence over birth order? In many of our families, leadership naturally follows age. The eldest is expected to lead and the younger siblings to follow. Families may work that way, but businesses shouldn't. Leadership is not a birthright; it is a responsibility. That can be an uncomfortable conversation, but avoiding it doesn't make it any less important.
Can we talk honestly about money before there's any money? Every family has a relationship with money long before it has a business. Some families believe profits should be reinvested to grow the business. Others believe that if one family member succeeds, they should support the rest of the family. Neither approach is right or wrong; they're simply different values.
Can we celebrate one another's success without keeping score?