“If it weren’t for my in-laws, our family would be fine!”
It’s a sentiment magnified in enterprising families. Family businesses want to protect the business’s inner workings and the sanctity of the family. But there are often conflicting loyalties when it comes to the involvement of in-laws
It’s tough to navigate these “outsider” relationships. Feelings of injustice or unfair treatment are woven into the family’s narrative (sometimes even governance structures), which can negatively affect future generations.
Families must set clear expectations.
To start, a multigenerational family business must consider the question: Whom do you consider part of your family?
Discussing this question may lead to disagreements—possibly even conflict. A clear definition determines family members’ responsibilities and rights.
For additional guidance in navigating this conversation—plus, specific questions to consider when defining your family—read “Do You Treat In-Laws Like the Family Business Outlaws?”
Make sure you read the entire article! The authors explain how to include in-laws in the family business and how to be mindful of family dynamics that include “outsiders.”
Read about how to include in-laws in the family business here.
Become a Member for Your Expertly Curated Advice
Joining the Family Wealth Library means access to the information the legacy builders need to navigate family dynamics and protect our wealth. We can keep what is ours by managing familial challenges and building trust and transparency.