My introduction to family business began in childhood when my immigrant father, his parents, and several cousins set up their own businesses. Many of my cousins created their own multi-generational businesses and hired family to help. When families fought in the office, their arguments spilled to our family events. Our family would have benefited from a mediator.
Ms. Rubin has also worked overseas, in business, education, security, and international development.
How Can Mediation Help Family Businesses?
Transferring family values and strategy to the next generation is not easy: 15% of family business succeeds in the second generation and only 30% manage to do so in the third generation. Some multi-generational businesses face divisiveness within the family and are not able to communicate and negotiate. These altercations often result in bankruptcy and family members become estranged from each other. Other family business disputes end in splintered separate entities competing (and feuding) with each other in a small market. Family squabbles that cause tension in the office often spill over to family events.
Often multi-generational businesses lack boundaries and clear frameworks, which cause tension and inefficient strategies. The boundaries set often create the foundation for which to preserve the business success and respect the family roles and dynamics as well. Simply put, knowing where each of the family roles applies vs. business roles is imperative to successfully navigate success in both fronts. Often the creation of a Family Council provides a forum for open discussion, planning, and wealth strategies.
“Tammy was a participant in a mediation training I conducted with my colleague Elizabeth Clemants. As an instructor, I cannot overstate how impressed I was with Tammy’s interest in mediation and her ability to absorb the skills we were teaching. Tammy has a wealth of experience which she leveraged in quickly gaining her clients’ trust, understanding the issues at hand, and finding a path toward a successful resolution. I highly recommend Tammy as a mediator to her prospective clients.”
– Alex, Principal at Yaro Group, LLC, consulted for Tammy at TYRA Mediation Plus, LLC.
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