Successfully running a family business requires balancing fairness, clear communication, and collaboration while aligning individual goals with the company's long-term success. Here’s what the most successful families running a business have taught me through the years.

1. Be fair to all family members – what’s best for everyone? (hint – it’s always putting the business’ long-term well-being first and foremost) Fairness in a family business is not about treating everyone exactly the same—it is about capitalizing on individual goals and strengths. Family members may have differing visions for the business- Some might be financially driven, always thinking about maximizing profits. Others might prioritize long term legacy and tax minimization.

In order to navigate these differing opinions, it’s crucial to hold honest conversations about these goals, ensuring everyone’s voice is heard. You always want to be sure to recognize each person’s role and strengths to both avoid conflict/resentment and create a more balanced and fair approach to decision making and the steering of the strategic plan.

2. Don’t let family dynamic impact the communication- As tough as it can be, it’s important to separate emotions from decision making. Achieving this often means using an unbiased third party like a financial advisor or consultant, to guide discussions and keep the focus on the business and what makes the most financial sense.

Ultimately, success comes down to clear communication and collaboration. It’s about working together toward a shared goal, finding common ground and reaching a consensus—even if not everyone agrees on every detail. The key here is ensuring decisions align with the long-term best interests of the business and keeping emotions in check.

3. Work together- Think about assigning job positions, roles and responsibilities based on skills and expertise. That outside perspective can help you avoid being trapped in the “family-only” and “everyone is paid equal” mindset. Compensation for providing services is different than distributing the profits of the business according to ownership percentages. Make sure you compensate family members based on contributions to operations and profitability as you would an unrelated employee, but also evaluate their performance as you would an unrelated employee. Work together to grow profits and distribute those according to ownership. Remember you GET the opportunity to work with the people you love (well most days)!

Does your business prioritize these key strategies?