What types of conflicts are possible in family business?how can these conflicts be averted or overcome?
Answers
Answer:
Family businesses are relatively straightforward to start, intricate to manage and exceedingly complicated to exit. Empirical research and anecdotal evidence both suggest that many failures in these businesses can be traced to personal conflict between family members. Television programmes present such conflicts as entertainment—and indeed they often produce good ratings. But while programmes such as Gordon Ramsey’s Kitchen Nightmares may attract millions of viewers who want to see conflict played out on their television screens, for those involved in conflict in a family business the reality can be the thing of nightmare.
One of the questions this poses is: why might people want to watch family conflict portrayed as entertainment?
A possible answer is that we are all members of families and can therefore relate to the various conflicts we see being acted out on screen and the pain that can result. We are also perhaps intrigued as to how these conflicts might be resolved and, when the conflict is in the context of the family business, how its resolution impacts the sustainability of the business.