The Godfather is a crime novel written by American author Mario Puzo. Originally published in 1969 by G. P. Putnam’s Sons, the novel details the story of a fictional Mafia family based in New York City and Long Beach, New York.
There are many invaluable life lessons to be gleaned from this trilogy masterpiece. Among them is how to manage the delicate balance of family and business. The unfortunate reality is that family business is BOTH business AND personal. And what do you do when a family member in your company is underperforming?
According to the U.S. Bureau of the Census, about 90 percent of American businesses are family-owned or controlled. From this statistic, it would be safe to say that effectively managing family dynamics is a must if your business is going to survive and be in any shape to be passed on as a legacy.
When it Goes Bad
I’ve seen firsthand the tragedy and complete devastation of family business dynamics not being addressed and course corrected. I’ve also worked successfully as a coach/consultant in family-owned companies to transform the culture and optimize family dynamics. Here are four ideas I’ve seen work to balance the scale of family and business under the same roof:
What we Can Do
- Get them in their right role
- Find a mutual agreement on accountability
- Reassign supervision beneath a non-family member
- Construct off ramps when necessary
It’s easy to suggest to someone not get too sentimental or emotional when making decisions to manage, confront or otherwise optimize a family relationship within your company. Many times, there are simple strategies that will create change, but sometimes it’s best to provide a family member a dignified exit ramp out. Or as Mario Puzo wrote in the Godfather classic, you can just “make them an offer they can’t refuse.”Family business is delicate stuff and often needs the benefit of a neutral third party to smooth out the rough patches.
If you are struggling with a similar issue, set up a call and we can drill down on the specifics of these four bullet points above. The call is complimentary.