Siblings or cousins who will share control of a family business may all want it to succeed. That does not mean they will agree on how to achieve it. Their preparation needs to include making decisions together when those views differ.
The Family Business Consulting Group describes an anonymised case that shows why this matters. After becoming owners, siblings struggled to decide how to adapt their business strategy to a changed economy. Discussions repeatedly ended in avoidance or defensive exchanges without decisions.
Preparation also needs to cover what happens after a decision is made. A study of nine family firms examined how family members shared leadership. It described groups whose members could disagree during discussions and still work together to carry out a decision. Cooperation need not mean pretending to agree or staying silent when new information gives the group reason to reconsider.
Families can begin by working through a hypothetical but realistic situation together. Those who already have authority to make joint decisions can also practise on a current business decision with limited financial and operational consequences. An experienced educator or adviser can help them examine how they handle disagreement and reach a decision using the rules that apply to the group. A later review of the business decision can establish whether each owner followed through on what they had agreed to do.
A useful test of preparation is not only whether future owners can reach a decision together, but also whether they fulfil their responsibilities afterwards, even when they would have chosen differently.