Have you witnessed a family business use their money to punish family members? Or incentivize certain behaviors from members? As Anneleen Michiels and Claudia Binz Astrachan say, money is hardly ever “just money.” It’s the driving force of family business decision-making.
Money can enable family businesses to make positive change. But it can also complicate relationships and hurt the business. And it’s our job as advisors to help family members understand their personal beliefs about money so that conflict is avoided.
Read “Punishment, Reward, Control: How Money Shows Up in the Business Family.” You’ll come away with a better understanding of how beliefs about money cause conflict in family business. Be sure to read until the end. There are questions that will help you facilitate effective conversation between family members.
Read how beliefs about money cause conflict in family businesses here.
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