I recently had a conversation with a potential client that would eventually involve her husband, elderly parents and two siblings. The issue, as brought to me, involved transitioning the management of the family business from her parents to her husband. I learned that among the family members there are differing thoughts regarding the value of the business. There is also some resentment about her husband’s ambitions for the business. Moreover, her two siblings believe that their sister and her husband are taking advantage of their parents.

This situation is complex, yet not unheard of. In the course of our conversation we discussed how developing a clear statement of individual and family values will lay important groundwork for its resolution. We spoke as well of the importance of educating the family members about the systems that underpin the workings of family businesses, and helping them understand best practices employed by successful multi-generational family businesses. Most important though, in our conversation, was the question of how to convince the family members to undertake this education with the help of an outside advisor.

What is fundamentally important here? I suggest it’s family harmony. Will this family be able to sit down together for Thanksgiving dinner next year and enjoy the company of everyone there? If not, the business and everything and everyone associated with it are left in peril.