This discussion thread will primarily focus on my individual situation even through i'm not in the family business yet. From an outside perspective, the three circle model provides incredibly valid arguments and perspectives within a family business, illustrating the similarities and distinctions between various functions. What I will give and bring to the debate is the knowledge that my personal experience is still in a relatively formative stage, and that I do not intend to include family members, at least in the beginning. The scope of my procedures would be severely restricted to my close relatives, including only those with whom I have an entirely favourable relationship.
I feel that the theory of agency would essentially eliminate the most of the benefits that come with running a family business. One of the most important aspects that comes into picture, at least at first, is reliability. The personal investment that comes with starting a family business provides a high level of trust between its stakeholders. By incorporating the conception of agency into this scenario, the favourable outcomes that had been come out to that point may be cleared.
I am not yet an agent for my family business since I am not involved in it yet.
Greta share; predominantly descriptive. Synthesise the core tensions, problems and issues that the above dynamics create?