Family vs Business...Really?

Photo by: William Copeland McCalia Family

Family vs. Business…Really?

Those of you who know me know my belief in and fight for the plight of family businesses; not only that they would survive, but that they would thrive…AND, that thriving would be true for both of those words: FAMILY and BUSINESS.

For various reasons, it does not always work out that way. Family businesses, last time I checked, are not “immortal.” Family businesses, whether first, second, third, or fortieth generation, eventually “die.” A question becomes,

What would it look like to die well?

When my mom died, now over 22 years ago, people said that she died well. I want that to be true of me when my time comes. Can it be true for a family business? I believe that is worth pondering.

Death comes in a variety of ways. When it’s the “death” of a family business, it can be a form of “cancer” (relationally, things eat away at the family and the business). It can come as a result of “poor healthcare” (neglecting the resources, both financial and human, that make for healthy businesses). Some can even “get assassinated” (a hostile takeover/buy-out). I actually see some that are on “life support.” When is it time to pull the plug?

“Death with dignity” is a theme in the wider context of the western world. Some interpret that phrase as assisted suicide. Some define it differently. What might a death with dignity look like for a family business?

Do we really have to choose between those two words? Is it an either/or? I don’t believe we are ALWAYS forced to choose between family and business. I regularly say to clients (and to others in the course of conversation),

Family business is worth fighting for.

It is not worth dying for…

Lately, I’ve been thinking of one other idea – and I will close with this. If we take “the business” out of family business, might the family thrive? I believe that there are times when that is exactly what needs to be done. Business can often get in the way of healthy family life. When things get to a breaking point, consider death with dignity. Consider what it means to die well. IF healthy family relationships are truly at risk, you’ll be glad you did!