Family businesses play a huge role in our nation’s economy, the fact remains that these types of companies can struggle to make ends meet. Whether it’s a small business that has been passed down through generations, or a multinational company, when it comes to family businesses, the “family” aspect is just as important as the “business” one.
And right now, family businesses are struggling. Most of them will shut down right before they reach their 3rd generation.
But on a positive note, there may be a way to prevent this from happening, thanks to the rise of something called “family business coaching”.
What Is Family Business Coaching?
Family business coaching offers support to help family businesses improve their operations and stay afloat. The coach can either work with an individual or a group to help the business improve its bottom line.
Family business coaches specialize in the unique challenges that most small family businesses face. Therefore, they can provide essential frameworks designed to be exclusively applicable within the context of a family business.
Not only that, but family business coaching handles the “family” aspect just as much as the “business”. Different generations can have different needs, expectations, and visions for the future. A family business coach helps the business navigate these differences to achieve optimal succession planning that can help the business live on even as it is transferred on to the next generation.
How a Family Business Coach Can Help
Family business coaches work to identify the key issues that affect a business’s performance, whether it has to do with the business itself, or something in the dynamic of the family.
Some areas where a family business coach may intervene include:
- Family communication – In a family business, there is no way to ignore the simple fact that the way members communicate directly impacts business performance. A family business coach can help family members get on the same page and improve their communication;
- Balancing values – One of the core elements of a family business is its values, as the business itself directly reflects the values of the family behind its helm. A coach can help family balance their values with current and future business needs;
- Transition support – The moment when the business passes from one generation to the other is not just emotional, but it can have a negative impact on the company if it’s not done correctly. A coach can help plan this transition and prepare both the old and new generations as to what to expect during the transition, and how to handle it properly.
Do You Need a Family Business Coach?
A family business coach can help clients improve their business operations and strike a balance between company needs and family dynamics. While they will provide a lot of similar support as regular business coaches (improving communication, enhancing skill sets, etc.) their experience with family businesses specifically could prove extremely valuable in some cases.
Essentially, it doesn’t hurt to try, especially if the “family” component needs more support.