Your Family Business Needs Boundaries

Boundaries are important for parents and family members working together. Done well family business should draw families closer and enhance the personal relationships between generations. But too often a lack of intention about the direction of the business and the roles played by each family member leads to stress and strained relationships

Strategic planning can play a role in improving relationships by getting clear about boundaries in the following areas:

  • What is important and what is not

  • Where family members can contribute their best efforts

  • When it is OK to talk about the business and when it is not

  • What it looks like for EVERYONE to be accountable.

Boundaries start with being very intentional and the best way to do that is to build a plan that 

  1. Articulates your values

  2. Paints the picture of your vision

  3. Shares why that vision is important

  4. Succinctly identifies your company’s mission

  5. Commits the company to one or two core strategies over the next few years

  6. Establishes concrete 1-3 year goals

  7. Sets 90 day priorities

  8. Holds people accountable to weekly commitments

That is strategic planning and execution in a nutshell. If your family needs boundaries, start by taking a day off from working in the business and work on your strategic plan.