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Sibling and
cousin partnerships face special challenges. These fall into two
major categories:
Equity
and Values Conflicts: As a result of the
decisions of previous generations of family members, siblings and
cousins may be inadvertent partners tied together to a single business
entity, when in fact, they would prefer to set and course their
own economic destiny. These siblings and cousins may be:
- Unable to
cash out their equity
- Unable to
receive reasonable return on equity
- Non-working
siblings and cousins may receive no return on equity
- Conflict
between working and non-working siblings and or cousins
- Sabotaging
sibling or cousin
- Under-performing
siblings or cousins who are equally compensated
Limited Conflict
Resolution Skills: Siblings and cousins in business together
may also be limited in their ability to effectively resolve differences
and conflicting needs. This often results from:
- Lack of effective
governance and communication forums for resolving differences
- Voting by
blood lines rather than business logic
- Meddling
in-laws
- Hyper-competitive
siblings or cousins
- Siblings
and cousins overly dependent on aging or deceased parents (or
advisors) to resolve conflicts
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