How the COVID-19 Pandemic Can Strengthen Your Family Business - Doug Baumoel
Family businesses are unique in that they have their own advantages and disadvantages that differ from non-family businesses. The involvement and passion in the business is greater than non-family businesses, but with that, business issues can also turn into family issues. It can also be difficult to decipher the boundaries between business time and family time.
The COVID-19 pandemic has greatly impacted all types of businesses, familial and not. Again, family business will still face individual conflicts other businesses may not.
Doug Baumoel, the founding partner of Continuity Family Business Consulting, evaluated the struggles a family may/ probably has faced due to the pandemic. As an experienced family governance expert, he saw beyond the hardships a family business may face and took it a step further, to visualize the possible positive outcomes of these trying times.
“The good news is that for many family businesses the challenges and invitations offered by the pandemic can allow them to emerge stronger than ever, both as families and as enterprises.”
He also offered advice on what family businesses can do to survive the pandemic. It is a good time for reflection and unification.
“While there are clear threats that come from the coronavirus pandemic, there are also opportunities that can arise out of such crises. We’d like to suggest how family businesses can approach the uncertainty in a way that keeps them strong and effective during this challenging time.
“Build Your Family Factor
“Use this special time to seek out specific opportunities to build your Family Factor. This is a great time to talk about the things that make you ‘family’and how the values and hard work of prior generations has gotten you to where you are. You may be surprised at how rewarding an intergenerational conversation to review your shared history can be.
“Think about your future as a family. What values and memories do you want future generations to take from how you are dealing with this crisis? Now that many of us have time at home with our families for the first time in a long while, make that time productive. Even watching movies together can be an opportunity to discuss family values and to get to know one another better.
“Find Opportunity in Challenging Times
“While no one would argue that there is anything positive about the pandemic, family businesses are uniquely prepared for this challenge. There is an opportunity here for those who choose to approach the crisis with creativity and the commitment to bring family closer, while leaning on the values that will keep your family enterprise strong.
“The pandemic forces everyone out of the status quo, inviting stakeholders to develop innovative solutions to fully respond to pressing needs of today. If family businesses focus on what they know, who they are, and where they want to be, this crisis may, in fact, be a transformative opportunity.”
