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Building Resilience within Your Family Business

Last month the FBC, in conjunction with FBN-NA, hosted a conference: From Risk to Resilience. Our speakers touched upon many topics relating to risk management in a family business. Froma Walsh, PhD, shared insights on what it means to build resiliency in a family business, and how to approach a crisis as an opportunity to unite the family and grow.

Resiliency is the ability to endure and rebound from stressful obstacles. Dr. Walsh introduced the concept of “bouncing forward,” the process of bettering oneself to become stronger after a crisis (versus “bouncing back” to status quo without reflection or progressive change). Bouncing forward moves us to realize we’re more than we were before our crisis; it encourages not only renewal and rebuilding, but also bettering ourselves and our relationships. In order to bounce forward, we need people in our lives who see failure as opportunity for growth and who draw out our potential. Dr. Walsh calls these people “relational lifelines.”

But what happens if we don’t necessarily have these types of people in our lives? Better yet, how do we nurture these types of relationships in our family businesses?

  • To start off, don’t get caught up in blame, guilt, and shame. Instead, realize that there are flaws and limitations, and that it’s normal to have them. Nobody is perfect, but having issues doesn’t necessarily mean your family business is dysfunctional.
  • It’s easy to look for and identify problems in your family business. What’s difficult is being able to look for the strength behind the crisis. Alter your perspective and think of a crisis as an opportunity to pull together, rebuild, and take action.
  • Think from a “we” standpoint rather than “me” or “you.” Incorporating a language that encompasses teamwork and a sense of togetherness will help your family business move forward and recreate stronger, better united relationships.

How does your family business mitigate risk and build unity during hard times?

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