1.How you think cartoons, metaphors, songs and other non-text communications can improve our understandings of typical family business financial and investment paradoxes? Share examples of cartoons, etc that capture such dynamics, problems, etc
My family business has a in house accounting and finance team which help us asses the financial performance of the company. Monthly meeting are held strictly discussing where the company stands and what needs to be changed and what needs o be continued to increase profits and capture more market share.
2. What key financial and investment challenges that your family, ownership and management faces?
-The key problems the family, ownership and the management face is the professional management as the member of the family with power always thinks he knows what's best for the company an it often leads to chaos and misery. Furthermore the company faces the problem of wealth management.
3.What lessons can we learn from the contradictions experienced by famous family business’s financial catastrophes and battles?
- The key lessons to learn from such catastrophes is one must embrace changes and always act according to the situation which would be beneficial for both the company and the individual. Moreover we can learn from these is that power with one person in family controlling the business could lead to chaos. Financial decisions affecting the family members.
2. Meditation and counseling can be considered in the situation of disagreement regarding financial and ownership conflicts (Haynes & Usdin, 1997). As the meditation and counseling help in reaching a mutual final settlement for the issues, this as well helps in improving the power structure and bridging the gap between the generation holding power and the future generation who will take over the business.
Apart from that the involvement of outer-executives can as well help in resolving the conflicts as they can be used in the structure of financial management being professional they will improve the capital flow, reduce wastage of money, and will as well help in coming to the terms of better decisions without any bias.