Listen to Dr. Ivan Lansberg, Gunther Hubert and Nan-B De Gaspe Beaubien discuss the challenges associated with transferring ownership of the family business, and fitting in-laws into the future of the family business. It is important, for current holders of leadership positions, to adjust their temperament to the newcomers in the family business. Accepting in-laws and integrating them into the family business can contribute to the long-term success of the business.
Family companies really bring together a set of issues that humanity has been struggling with for millennia. I mean they’re at the core of who we are as a species, issues of collaboration with relatives, issues of in heritance, and it doesn’t matter whether you’ve got a billion dollar enterprise or 5 goats, if that’s what you own, how do you make decisions about how your going to leave your assets onto your next generation.
The one thing my dad always told me is if you have a partner in business, have it be your wife, be your partner. And it’s really great advice.
Nan-B De Gaspe Beaubien
I learned that I have to adjust my temperament to the new person coming in, because it’s not going to go the other way, I have to let go of my ego and try and get close to them. And is it worth it? Yes it is.