A Little Background...
Written by Becky Veydt
THE CONTEXT: As you may know, FOBs are absolutely critical to local, national and world economies. In fact, on this side of the globe, they make up over 80% of North American businesses. They also routinely outperform non-family companies in employee productivity (born from greater degrees of emotional and financial investment in the employee), quicker turns on bureaucratic issues, and better overall training and retention of leaders, to name a few.

THE PROBLEM: Yet despite the preceding stats, reality shows that 2/3 of FOBs fail to survive to the second generation; only 12% make it to the third, and a mere 3% find themselves in fourth generation operations. WHY? Because owning and operating a family business magnifies life complexities and any unaddressed relational issues; and everybody has some. Live this way for too long, and eventually something suffers, the family and/or the business, as the above percentages attest. The greatest loss is the family though, and I’m tired of hearing story after story of how a running a business together has cost a family its most precious asset, the family itself. I speak from experience. I also know this isn’t the way it should be.

THE SOLUTION: Families who do business together often need to be taught to, as Steve Jobs used to say, “think different.” It is more complicated than members just coming together to provide a product or service; just ask the millions who have tried, failed and lost relationships along the way. The good news is that regardless of the starting point, every family has the power to create a strong and vibrant foundation for lasting relational and business success. This only starts, though, when families understand the facts and begin to connect the reality of how the truths apply to them. Which brings us to the point of what I do.

THE INVITATION: I help families, like yours, understand and navigate the complexities of being a family AND a business. It doesn't just typically happen, and everyone has some issues the longer they work together (succession planning is just one that often creates tension and trips families up). You need tools and "rules" to make it work for the long run. Let me help give you and your loved ones the foundation you need to move forward successfully, both as a business, and most importantly as a family.

Dr. Becky Veydt

Becky Veydt helps family-operated businesses (FOBs) be successful. She is an expert at equipping family members with the skills they need to be a business AND a family.
If you're interested in having Becky help your FOB, request a free strategy session today.
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