Although your family may not be directly involved in your business or in the one that you will take over through the transfer, it can have an important influence on the decisions that you make concerning the transfer process. Every family is characterized by unique values and social norms that shape the behavior and the practices of its members as well as their relationships to one another. Power dynamics can also have an impact on the types of relationships that family members have with one another. Sometimes the family is not a crucial factor in the transfer process, but in other cases, it can play a central role. It is essential to determine the degree of influence that it will have in your transfer process.
- To what extent could your family influence the transfer and succession process?
- In a family business, the family will necessarily have more weight in decision-making.
- How would you describe your family context?
- In your family, there is an overall atmosphere of harmony, tension, etc.
- Whom do you include in your family circle?
- Is it a nuclear family or an extended family?
To assess your family and the type of influence that it will have on the transfer process, you can use the Genogram tool. It will allow you to develop a better understanding of your family context by clearly identifying the types of relationships that the members of your family have with one another.
Diagram: Transfer and Succession Contexts
(Family)
References:
- Carlock, R. S. (2009). A tool to spark a meaningful family dialogue. Family Business, 20(1), 52–55.
- Le Breton‐Miller, I., Miller, D. & Steier, L. P. (2004). Toward an integrative model of effective FOB succession. Entrepreneurship Theory and Practice, 28(4), 305-328.