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Stress management in family enterprises
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Stress management in family enterprises
BETWEEN WORK AND PRIVATE LIFE. STRESS IN THE FAMILY BUSINESS
Causes of stress
In order to at least keep operations going, pragmatic solutions are often chosen while the family conflicts continue to smolder and ache. Because sometimes the business leaves no time for thorough solutions; sometimes, despite all efforts, it simply cannot be able to resolve the conflicts and end the dispute. Or there is great concern that once a problem comes up, things will only get worse.
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UNIT TEST
OFTEN MORE COMPLICATED THEN EXPECTED: RESOLVING CONFLICTS IN FAMILY BUSINESS
Burnout in Family Business
Factors such as stress, malaise, fear or pressure to perform promote anxiety disorders. Is there an increased risk when working in a family business? Miller, Wiklund and Yu (2019) have looked at this question and examined the determining factors. There is a tendency to say that members of family businesses have an increased risk of suffering from a mental illness, regardless of whether they are in a management position or are just ordinary employees. The reasons for this are, for example:
A mental illness does not automatically mean that a person is unable to work or even unable to socialize! Is the family business automatically doomed if a member of the family becomes mentally ill? Not necessarily, because the further course of the sick person and the company depends on how the family deals with the situation. Ideally, there is a positive atmosphere within the family in which the illness is addressed, and a common solution is found on how the sick person can continue to be active in the company.
For example, a sick member who is no longer able to give public lectures due to anxiety disorders can limit himself to areas in which a public appearance is not necessary. In the worst case, there is a negative atmosphere in the family, which makes it much more difficult to constructively address a mental illness. This can mean that a manager with a mental illness does not agree to give up their position or that the family no longer accepts the sick person because of the illness and excludes them from the company. This can result in far-reaching damage, both for the company and for the sick person. So it depends on how the family is treated, how badly the family business is damaged and how well the sick person can recover.
Avoid Dysfunction in Your Family Business by Manfred F. R. Kets de Vries
Family businesses abound but are fragile. Two telling facts:
About two-thirds of all businesses in the world are family run. Family businesses are the backbone of economies and the lifeblood of job creation.
Most family businesses don’t last long. The average life span of a family firm is 24 years.
Many family businesses fail because they become emotionally dysfunctional. Older generations struggle to share power, relationships become
strained, conflicts arise, and the business suffers. But it is possible
to prevent emotional dysfunction—and help family businesses
survive and prosper.
In this Harvard Business Review webinar, INSEAD professor Manfred F.R. Kets de Vries—author of “Saving a Family Business from Emotional Dysfunction”—provides a framework and practical advice that family businesses can use to avoid business-killing conflicts.
Kets de Vries discusses concrete actions that families can take to avoid dysfunction and improve business success.
These key steps include:
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