Legacy: The Importance of Family Unity

Leading any business is tough. Leading a family business can be considerably more difficult. Family business leaders have to deal with relationships and emotions that simply are not present in an ordinary business set-up. And this is in addition to the normal stresses of running a company. Under these circumstances, establishing or continuing a legacy for generations to come can seem like an impossible dream, says Trevor Dickinson.

- By Trevor Dickinson

While previous articles in this column have focused on succession planning, the reality is that a family business is always in transition. As the business faces its natural growing pains, family members are being born, going to university, entering and leaving the business, and inevitably wrestling with two questions:

•What do we need to hold onto and nurture about our family agribusiness that makes us special and gives us a strategic advantage?

•What do we need to change in order to adapt to the challenges we currently face and those on the horizon in an ever-evolving family and business?

Many seek to find a rule that can be applied in all circumstances. This is most clearly seen when people speak about a “business-first family” vs a “family-first family”. This approach implies to many that you either have to prioritise the business ahead of the family, or put the family ahead of the business. While having a black-and-white rule might provide you with a sense of certainty, the reality of a family agribusiness is far more complex than that.

How do you build family unity and cohesion when both the family and the business wrestle with a fast-paced and changing environment? Financial success alone is not sufficient for a family agribusiness to transition from one generation to the next.

A SENSE OF CONNECTION