Family businesses perform very well as compared to their non-family owned competitors. Part of that comes from the tight control kept by the family and the unique management styles often employed. While these are very positive elements, at certain times family businesses can face significant challenges including succession and estate planning needs. Tampa Mediations is trained in and specializes in family dynamics. We understand the ways in which the family and the business intersect and are mutually dependent. We know how family personalities play into the family business and understand familial role interplay between the family and business system. With a view towards sustainable development we work in interdisciplinary teams to help the family move the business forward and plan for a sustainable future.
Family businesses are unlike regular businesses. They combine family culture and personal values and therefore face many challenges over non-family business such as:
- Next generation competence
- Estate taxes
- Sibling rivalries/perceived unfairness/extent and type of business involvement
- Complexity of extended family and spousal relationships
- Interplay of family and business interests
When family businesses go through transitions unique decision making strategies are warranted. Family dynamics become increasingly important and underlying simmering emotional issues can become costly if not resolved.
Tampa Mediations can help family members better identify the underlying issues that are affecting their decision making and open a family dialogue that will bring out what each individual wants out of the business and out of the family. Having a neutral facilitator, trained in relevant areas, will give the family the opportunity to work through issues on all areas of the family spectrum as well as focus on moving the business forward consistent with the unique family objectives.