Explain the conflicts in Family Business and its resolution.

Conflicts in family businesses are rarely caused by poor business performance; most conflicts arise because the family owners perceive that their needs are not met. Conflicts also surface when situations are unclear or not
properly understood. The management of these conflicts becomes the key to
survival of both the business and the family. Indeed, the main reason behind the
emergence of conflict in family businesses is the lack of understanding and
communication between the three family dimensions, namely the family, owners and management.

The core issues likely to cause tensions or make tempers fly in a family
business include:

• Decisions about the future strategy of the business.
• Performance of family members actively involved in the business.
• The setting of remuneration levels for family members actively involved in the business.
• Decisions around who can and cannot work in the business:
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