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My brother and I were next in line to lead the family business, but it seemed neither of us genuinely wanted the position.
Three years apart in age, we never felt any real competition between ourselves. I assumed he would eventually lead the business because he was the older child and had a few more years of experience on me. But we never discussed it, never competed for it, it was just an unspoken assumption.
Keeping family members from stepping on each other can go a long way toward preventing conflict in your family business
Whenever I meet someone and they ask me what it’s like to work in a family business, they almost always begin by asking how hard it must be to work with each other and how much fighting goes on. In our family business we actually get along well with each other. In fact, most family businesses I meet also don’t have the typical conflict and infighting stigma that follows us around..
There’s nothing better than running a successful business and growing rapidly. Riding the wave of success, you can do nothing wrong. Or can you?
Keeping your skill set up to speed in a fast growing business can be challenging. Founders who have homegrown skills are especially at risk. Fast growth brings founders into unchartered territory causing them to learn trial by fire. Many mistakes can be made, which won’t necessarily cripple the business