Family companies may be complicated, dynamic organisations, and as the business changes and family members' roles and connections change over time, so can their members' values and emotions. The following are some potential changes in the values and feelings of family business members through time:
Parents: As they age and think about succession planning, the parents who created the family business may experience changes in their values and emotions. They might become more concerned with preserving the company's legacy and transferring it to the following generation. A variety of feelings connected to relinquishing control and entering a new stage of life may also be felt by them.
In-laws: Because of their involvement in the family company, in-laws may feel a variety of emotions. Particularly if they are not blood relatives, they could feel ostracised or disregarded. Nonetheless, they could experience a strong sense of loyalty and belonging to the family if they play a significant part in the business and are valued by other family members.
Siblings: Siblings who are employed for the family business may feel a variety of emotions based on their functions and connections. If one sibling is in a leadership position, they could feel competitive with one another or battle with power struggles. Also, they could feel conflicted about things like pay, duties, and decision-making.
Managers: Non-family managers with a position in the family firm may feel a variety of emotions associated to that role. They might experience a sense of alienation or find it difficult to understand how a family-owned firm operates. They might, however, feel a great feeling of loyalty to the company and a want to see it flourish if they are regarded and respected by the family members.
Overall, a number of variables, including as the family's history, the stage of the business' life cycle, and the unique personalities and priorities of the family members participating, can affect the values and emotions of family business members