Goals of a Strong Family Bonded to a Strong Family Business

A third generation family business I have worked with for many years employs all family members and all in-laws whofamily business choose to be employed. Each has a defined job with a job description and is paid according to the responsibilities that member undertakes – not according to how they are placed in the family system. All family and non family members are given performance reviews and their advancement within the organization is merit based.

The legacy of this family is entrepreneurism and safety net, with the additional twist of merit. Because this has been thrashed out, anyone wanting to work in the business has to perform. One son decided not to work in the business and started his own enterprise. He wanted total control of his destiny. That was his choice and it is well respected by all family members.

The goal that the family working together shares is to build a strong business and a family unit that is economically entwined. The underlying premise is that they are stronger together than apart. The CFO is a son-in-law who is as valuable to the family and to the business as any of the sons. This family includes in-laws in its core definition and there has not been a divorce at the second generation. I am sure that the holiday dinner tables focus on business as that is the lifeblood of the family. However, anyone entering the family must decide how comfortable he or she would be in that immersion. And after observing families for more than 30 years it is now clear to me that anyone who is entering a family where the key focus is business must accept that it is what binds the family together, is a fundamental part of all family discussions, and that will not change.

Patricia Annino is a sought after speaker and nationally recognized authority on women and estate planning. She educates and empowers women to value themselves and their contributions in order to ACCOMPLISH GREAT THINGS in the world – and in so doing PROTECT THEMSELVES, those they love, and the organizations they care about. Annino recently released her new book, “It’s More Than Money, Protect Your Legacy” available at Amazon.com. To download Annino’s FREE eBook, Estate Planning 101 visit, http://www.patriciaannino.com.

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