Episode 11: How to Manage Your Family-owned Business during Difficult Times

Small Business Survival Conversations

Today’s podcast outlines how experts review specific strategies and related tools for family-owned business owners to explore and implement while navigating through the difficult COVID-19 crisis.

It is extremely tough and stressful for anyone in business to know how to deal with the predicted coming depression—then add in family-business factors! Emotions run high; ensure the speaker is understood correctly; clarity is key with responsibilities.

Learn appropriate responses to questions on how to:

· Generate and foster more positive, constructive communication (more than less to avoid family believing that a leader’s silence = the worst news is looming ahead)

· Consider your message content (carefully and thoughtfully) + timing of delivery to the family

· Address fears attentively

· Find common ground

· Identify criteria to guide the family business through tough times

ABC Tip: Listen to others; choose words carefully; de-personalize situations.

By following an agenda, conduct a fruitful meeting and allocate responsibility to particular family members with a reasonable action date. Chaotic meetings could further isolate and splinter the business, so bring focus by asking questions, such as: “What are we trying to accomplish?”Anna Steinfest and Dr. Michael Troyer conduct an educational dialog on family needs, dynamics, history, and culture. Our ABC Podcast: Lessons in Success, Episode 11: How to Manage Your Family-owned Business during Difficult Times.

Show notes:

As the manager or leader of a family business, identify criteria to guide the family business through tough times. Anna and Michael explain how finding common ground sets a good foundation to construct a strong relationship. Implement one or two of our episode tips to get started! ABC Podcast Tip of the Week: Establish a code of conduct and do not assign blame!