Family companies are not fixed; they are dynamic entities formed by the changing ideals and feelings of its members. The dynamics and performance of the company can be affected by parents, in-laws, siblings, and managers' changing viewpoints and priorities throughout time.
From Founders to Mentors
Initial Stage: Often the founders, parents are motivated by a deep feeling of ownership, personal sacrifice, and a need to create a legacy. Their beliefs might give simplicity, risk-taking, and diligence top priority.
Mid Stage: Parents may change toward an emphasis on stability, legacy preservation, and passing on principles to the next generation as the company matures. From pride to worry about letting go, emotions might vary.
Late Stage: Parents in retirement may emphasize family unity, succession planning, and the preservation of family values instead of direct control, becoming mentors.
In-Laws: From Outsiders to Insiders
Initial Phase: Initially, in-laws could seem outsiders with little impact on family business choices. Their outside experiences impact their values and could conflict with family customs.
In-laws could earn trust and influence as they fit into the family, particularly if they offer outside knowledge or abilities. Emotions might change from outsider to recognized advisor.
Late Stage: In-laws with close family connections can be major champions for harmony making sure family values are in line with corporate goals.
Siblings: From Competition to Cooperation
Early Stage: Siblings usually feel competition as each one fights for recognition or control. Competition and personal success could shape their values.
Mid Stage: Siblings may come to appreciate cooperation as they get older and have a common vision for the company. Values might change toward group achievement and mutual support.
Siblings in the late stage could concentrate on their strengths and assume particular duties for the company. Emotions usually revolve on trust, loyalty, and mutual responsibility.