A number of factors have been found that encourage children to take an interest in the family business. The first is the time they spend in the company with their father. Most of the family businesses currently operating in the United States were founded after World War II and most were founded by men. As more and more women start a business, children will also benefit from spending time with their mother in the family business. More than 90% of businesses in North America and the majority of businesses worldwide are family-owned. Some of the best-known companies still run by family members include Benneton, Beretta, Estee Lauder Inc., Tootsie Roll, Playboy, Gucci, Carnival Cruise Lines, Harley-Davidson, Inc., U-Haul, Ford Models, Forbes Inc. and Ford Motor Co. They vary greatly in terms of the intersection of family and business issues, and much can be learned from their experiences. Business planning often guides the entire planning process and sets the agenda for the future operation of the business. This process may be overseen by a board of directors, an advisory board or professional advisors. Owners need to consider where they want the business in 5, 10 or 20 years, including the extent of family involvement. Owners often have a mental picture of it, but if no business plan is required for financing purposes, it`s usually not on paper.
When it comes to sons, the researchers found that the quality of the working relationship between fathers and sons varies depending on their respective stages of life. When sons are between the ages of 17 and 22 and are in the process of establishing an identity and separating from the family, miscommunication is common. At this time, the father is usually in his forties and also verifies his identity and evaluates his life. Here, fathers want to give meaning to their lives and exercise power and control, needs that are at odds with the needs of their sons right now. When the father reaches his fifties and the son matures from 23 to 33 years old, the father has become less competitive, and with his experience he may tend to teach. Meanwhile, the sons feel the urgency to focus their lives and settle down, reassess the past and think about the future. They aspire to competence and want recognition and progress. At the age of 40, the goals of competence, recognition, progress and security become urgent, and the son struggles with authority when the father is still in business.
The father, perhaps in his sixties, remembers retirement and often death, which leads to a problematic relationship if he tries to keep the business. There are many cases of sons in their fifties with fathers in the seventies and eighties who still have control of the family business. This becomes problematic both for the people involved and for the company itself. Central Ohio has the longevity of the family business. Meet Conway Center members David, Mike, Randy and Jay Schoedinger of the Schoedinger Funeral and Cremation Service. More than 160 years of activity and still as strong. Mothers have an influence on whether or not they work in the company, and their roles must be recognized. Traditionally, mothers have worked behind the scenes to support their husbands and take care of the house. Women`s changing roles have brought them challenges as they try to balance home and business. One woman said she would have liked to have looked more like Ms. Cleaver, which seemed to reflect her confusion about not being a mother like hers, but also not feeling comfortable in a leadership role in a company. Women often do not receive the same recognition in the role they choose.
Just like fathers, these roles are passed on to the next generation, affecting both daughters and sons. Comment: Phil Knight has been the face of the iconic Nike brand since he co-founded the company in 1964. Just last month, however, Nike announced that Knight would step down as president in 2016. His son, Travis Knight, will serve on the board of directors to continue the company`s family legacy. Extended family members can play a variety of roles in the family business. Family businesses become more complicated in several generations if all family members remain involved in one way or another. For example, a husband and wife start a business and involve their three children. These three children each have six children for a total of 18.
These 18 people have a total of 29 children. Within 50 years, more than 50 direct descendants could now be involved, and that doesn`t include in-laws. These family reunions evolve and change with the development of the company. A first-generation company usually includes only one nuclear family, while a second-generation company with a team of siblings faces additional problems of family harmony, equal treatment and participation of several children in the company. A third-generation family business or beyond may include cousins, in-laws, and family members who do not work in the business. .