Members of family businesses may experience shifts in values and emotions over time as a result of a variety of factors, including generational differences, alterations in the business environment, life events personally experienced by the members, and changes in the power structure within the family.
PARENTS: Parents who run a family business may experience changes in their beliefs and feelings as they become older and deal with new difficulties. The emphasis may shift from growth and innovation to stability and continuity, making them more risk-averse and conservative. They might also get more attached to the company and regard it as a legacy they wish to leave their children.
SIBLINGS: As they manage their positions and relationships inside the company, siblings who work in a family business may experience a change in their values and emotions. They could feel rivalry and competition with one another, which can cause anger and conflict. As they cooperate to accomplish shared objectives, on the other hand, they could grow close and devoted to one another.
MANAGERS: They might first feel alienated, but as they integrate more into the company, they might grow to feel loyal and devoted to the family and the company. They might also find the family's emotional attachment to the company and the effect it may have on decision-making to be a source of frustration.