IF you're in a family business that is suffering as a result of boardroom battles then you are not alone.
Some 75 per cent of firms in the South are family businesses but the reality is that most will never reach the second generation and even fewer reach the third.
Survival is not made any easier by the fact that issues affecting the running of the businesses can often be magnified by the family ties.
Business Link Wessex's Reg Bodman said: "Running a family business is unique in terms of the benefits and challenges it presents.
"Family businesses can offer flexibility and often succeed through a common level of motivation. However, there are often family issues and tensions that can stand in the way of commercial success."
Tensions caused by family emotions will permeate much of the business.
To remain credible to both customers and employees, it is vital for everyone to act professionally where the business is concerned.
Tips for success:
Appoint a non-family executive adviser with clearly agreed procedures for their involvement.
Treat your family firm as a business, not an extension of the family unit.
Don't push your children to follow you into the business if they are not interested in doing so.
Ensure that all family members involved with the business are appropriately qualified and have suitable experience.
Be sure to have family discussions about expectations for the business and for individuals. Let the most junior or least involved people express their views first.
It is critical with a family business to get the work/life balance right and to set aside time when the business is not discussed. Don't let the business rule your lives.
"Succession planning is vital to the long-term success of a family business," said Mr Bodman.
"It is essential to plan early and to ensure that the company is passed to family members who are willing and able to pick up the reins."
First published: Oct 25
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