such as conflict resolution, disciplinary actions and, of course, what happens in the event of divorce, is the key to having a successful business partnership with a
spouse. Having a third party such as a trusted lawyer or a neutral business advisor mediate such discussions can aid in avoiding unnecessary conflict. These
rules and guidelines must be recorded in a shareholder's agreement and reviewed and revised as the business and the couple's relationship mature.
SUCCESS IS POSSIBLE Running any growing business is challenging, and the figures on failure are well known. It gets even more tricky when you throw in the wild card of family dynamics. However, the rewards of building multi-generational wealth inside your family are well worth the effort and discipline required. Seek the advice and apply the strategies of certified and experienced lawyers, accountants and business coaches. Then, you could be one of those storied family enterprises that endure for generations and generations.
George Kiorpelidis is the founder of GK|BC Leadership. He is a third-generation entrepreneur & certified business coach specializing in helping family-run businesses improve their leadership and strategy. To learn more, visit www. gkbcleadership or follow his podcast "Lead Like a B.O.S.S." wherever you enjoy your podcasts.
| The Bellwether |
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