No matter your family business's structure, here's how to build resiliency:
Within these three types of family businesses, we find distinct advantages, disadvantages, and strategies for resilience and longevity.In the solely-owned family business, ownership and control are passed on to or consolidated with one owner. The solely-owned family business is structured as an autocracy or monarchy. This ownership structure has proven to be a stable, viable, and successful form of long-term family business ownership.
Opportunities should be available for the senior member to provide advice and consultation within the business, if requested and desired. The departure of the senior generation owner should be celebrated and memorialized, while acknowledging and formalizing the transfer of ownership and control to the junior generation owner.
The sibling-owned oligarchy structure has more potential for conflict, with horizontal conflict among the sibling owners over control, as well as vertical conflict with the next generation. Additionally, the next generation has the potential for horizontal conflict within itself.
The problem for the diffuse family business is that the oligarchy structure can be particularly prone to conflict, as coalitions develop and struggle for power and control. This conflict can become more pronounced as the familial relationships become further removed from the founding nuclear family.
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