Family estrangement is a pervasive issue that affects many — if not all — families at some point. In the context of family businesses, the stakes are even higher, as both personal relationships and the viability of the company are at risk. Decisions about leadership, financial management, and strategic direction often bring underlying familial tensions to the surface. For example, siblings might clash over who should take over the business, or there could be disputes about the equitable distribution of profits.
Family estrangement can significantly impact the functioning and success of a family business. Estranged family members may withdraw their support or refuse to collaborate, which can hinder business operations and growth. Moreover, the emotional toll of estrangement can affect decision making and day-to-day interactions, creating a tense and unproductive work environment.
Join Professor Daniel Van Der Vliet, Executive Director of the Smith Family Business Initiative at the Cornell SC Johnson College of Business, as he delves into successful strategies for individuals who have a chance to repair family rifts or find peace when reconciliation is not possible. We will look at why the health of the family unit is intrinsically linked to the health of the family business, making it crucial to address and manage both personal and professional conflicts effectively.
