Successful Family Owned Business Survival Mentoring | Singapore | Familosophy

FAMILY OFFICE IN-LAWS

Wealthy families face unique hurdles when it comes to dealing with in-laws who have married into their family. Do they have a right to work in the family company? If this is the case, should their authority (stock, voting rights, etc.) be limited in some manner? When the family gets together, do they have a say? What if a child-in-law is the sole member of the next generation who has the necessary talents to contribute to the family business? When a marriage is in trouble (and the in-law child plays a role), what should you do?

Because every family is unique, there are no easy answers to these questions, not even best practices. A few general concepts plus the family's culture and ideas about the role of in-law children are all that's needed (some families have blood line rules that have existed for generations and challenging them is near impossible).

I'll leave you with some of my favorite adages:

You become a member of a family through birth or marriage, and you must leave the family through death or divorce to be free to live your life (and divorce is not as final as death).
If a child-in-law doesn't have a say in the decision-making process, their spouse can function as a stand-in for them.
Hire only those you can fire easily (applies to any business, and any person)
If something works in another family but doesn't in yours, don't use it as a reference for your own.
Create your own family's guiding principles and set up governance to make sure they are applied equitably and fairly instead of reacting to situations reactively.

Think of it like this: Is there a tradition in your family about how in-law children should be treated? Have you ever had to let go of a member of your own family? Dealing with family business/wealth pillow conversation Do you have an induction process for in-laws? If so, is it formal or informal?

 

Are you looking for advice on how to make your family business in Singapore operate better? David Werdiger is the number one choice when it comes to Singapore family owned business protocol help. Mr. Werdiger is helping hundreds of family owned businesses pass the torch using his famous Singapore Familosophy techniques

His market is two-fold:

Scenario #1: The older generation wanting to work with the younger generation, bring them into the company, teach them how to run things, and then retire from the office, but not the income

Scenario #2: The younger generation wanting to jump into the family business, but to be able to contribute and be heard, and not having to “wait their turn” before they can begin to help run the business.

Looking for great advice for your family-owned and family-run business? Find out how David Werdiger’s Familosophy Newsletter can help answer your questions and guide you through turbulent times. To subscribe go to https://www.transitionbook.co/transition-membership-sign-in

Visit David’s Website at: https://davidwerdiger.com/ or his GMB site at:  https://goo.gl/maps/YiKUeBhXzapPAYyP6

SOURCE: https://davidwerdiger.com/2021/10/family-office-inlaws/