by Mary Beth Matteo, Founding Director of the S. Dale High Center for Family Business
Sibling teams have been much studied but little understood. Unfortunately, as ownership and management structures, sibling teams fail as often as they succeed. An article by researchers Farrington and Venter suggests that certain conditions increase the likelihood of success. Some of these are obvious, others not so much.• Complimentary skills among siblings and a clear division of labor
• Compensation issues resolved
• Common vision for the company
• Support of non-family managers
• Existence of an agreed-upon method for managing conflict
• Mutual respect
• Personal satisfaction with work and family relationships
• Voluntary participation in the sibling team
• Minimal involvement of other family members, including parents
Sum & Substance: Siblings can make dream teams, but they can't trust that a family bond alone will automatically yield a productive working relationship. Better to treat the partnership with as much care and attention as you would any professional team outside of the family unit.
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