A myth is nothing more than a widely held belief or idea. We’ve all likely heard a myth at some point.

Myths are stories that are based on tradition. Some may have factual origins, while others are completely fictional. They are more than mere stories and serve a more profound purpose in family business culture. Myths are the tales that explain the family’s experience.

The stories that shape the business of family business passed down from generation to generation. They don’t exist to be judged as positive or negative. They are the weave of the fabric of the family and are to be valued as a part of the love, legacy and leadership within the family business.

The Greatest Family Business Myth

Myth: “Family business is easier business because we’re family and we love each other and we work it all out to the good of family.”

Here are a couple of things to keep in mind when it comes to the lore and tale of family business being easy:

  1. Every person is unique. Every person is wired differently. At times families forget to value people they are related to with the same emphasis that they value people that they aren’t related to. There are many times where family members are the harshest critics of other family members. Why? Because they are family.
  1. Every family is dysfunctional at some level. Every family and every family member has pluses and minuses, positives and negatives, successes and failings. When we forget that dysfunction is a part of every family, we become a little blind to the things that other people see so clearly. This is referred to as functional dysfunction. The objective is to minimize this within the family and within the business.

Keep this in mind, just because it’s family doesn’t mean it’s easy. And, family business doesn’t mean it will all work itself out just because its family. Operating “for the good of the family” begins with an awareness that values family members individually and values the communication necessary.

After all, is it really success if the family doesn’t love each other in the end?

Until Next Time,

I’d love to hear from you in the comments.