A list of 10 things that Gordon Wusyk has discovered over the last 30 years of advising business families
- Don’t get bogged down on “equal”. Focus instead on “fair”.
- Look after the founder’s retirement as a first step, so they have no fear about this going into their golden years.
- Keep all stake holders informed – employees, bankers, accountants, lawyers, family members, and key leaders in the company.
- Respect each other’s views. Take a collaborative approach, rather than a competing
- Seek to understand where each other is coming from – don’t simply react!
- Come to common terms as to what you both agree on, and talk openly about what you don’t agree on. Conflict is ok, and can be helpful – unresolved conflict is not.
- Value your key team members and seek and respect their input.
- Be prepared to state your views clearly, and to encourage others to do the same.
- Run the business as a business, and the family as a family, and try not to get the two confused.
- Communicate before, during and after the agreements are built.
