Blog #3 - Human Diversity: Ages & Stages
Different life Ages and Stages impact people's thoughts and behaviours. Generational age differences often cause conflict in family businesses.
Mum and Dad want to preserve what they’ve got, because they’ll have trouble recovering if things go wrong. They need their money off the table.
Their working son and daughter have young families, large mortgages, car loans and other expenses. They need maximum income to cover outgoings AND reinvestment in the business to keep it competitive, for the future.
Mum, Dad and “the kids” are singing from very different hymn sheets. With the best intentions in the world, they’re sitting on a powder keg!
· Understand and appreciate the effects of progressive ages and stages on individuals, the family and the business.
· Acknowledge reality. Respond practically and empathically to each family member’s circumstances, capabilities, expectations, needs and interests.
· Engage everyone in planning ahead, for the family and the business.
· Plan for Succession so you can reverse engineer everything that needs to happen, especially financially and emotionally, to make it work for everyone.
I’m interested in your thoughts and questions.