Family members participating in a family business may experience changes in their values and feelings over time as a result of a variety of circumstances, including personal and professional experiences, changes in the family unit, and shifting market conditions. The following examples show how family business members' values and feelings evolve through time:
Planning for succession: When family businesses expand and change, it becomes more crucial to consider who will run them in the future. When family members disagree on who would be most suitable for the position, this can lead to stress and conflict. Family members' beliefs and feelings may evolve as they come to embrace or reject particular prospects for succession.
Role changes: As family businesses expand and undergo a transformation, family members' positions within the company may also alter. For instance, when a parent or in-laws ages, they may eventually take on a more advisory position in the company they once helped run daily.
Business obstacles: Economic downturns, competition, and shifting consumer preferences are just a few of the issues that family businesses must contend with. Yet, for family members with a personal stake in the company, these difficulties may be more emotionally taxing. Family members may experience changes in values and emotions as a result of the issues the business experiences as they deal with the effects on the family as well as the business.
Emerging generations: As new family generations join the enterprise, they could bring with them their various beliefs and viewpoints. As they attempt to reconcile these disparities, elder and younger family members may become tense and at odds with one another. As family members get closer to one another and gain a deeper understanding of one another's viewpoints, their values and emotions may change over time.
External variables: Economic, social, and political developments are only a few examples of the external elements that have an impact on family companies. The business, for instance, may be significantly impacted by changes to government rules or regulations, which may then affect family members' morals and feelings.
In general, a variety of variables over time can cause the values and feelings of family business members to shift. Family members must acknowledge these changes and cooperate to manage them in a way that promotes the long-term prosperity of the enterprise and the family.
Thank you @Rahul Gopal- your post is analytical, descriptive, and adds value by identifying different factors that contribute to changes in values and feelings of family members in a family business. The examples provided illustrate the impact of planning for succession, role changes, business obstacles, emerging generations, and external variables. However, the post lacks real , and referenced examples and credible published, peer-reviewed citations to support its claims. It could benefit from incorporating such evidence to strengthen its arguments.