Family businesses in the Age of Anxiety

fHenl HASN'T BEEN THrs r,rucH fear and uncertainty, I lack of confidence in what the future will bring, along with questions of reliability of our government and corporate leaders, since the Great Depression.

There is plenty for family businesses to be anxious about these days. But the truth is, during anxious and uncertain times, family businesses are better situated than most other businesses not only to survive, but to grow and prosper.

The stock market and consumer confidence index have been bouncing as if they're on a bungee cord. Economic concerns, accounting practices, and enormous bankruptcies have made business owners question their financial pictures, particularly since their banks, creditors, suppliers, and friends are asking questions they haven't asked before. Across the country, prescriptions for tranquilizers and antianxiety medications have risen about l\Vo. Anxiety is con- tagious.

In my work with family businesses, I've certainly seen an increase in anxiety. The issues may be the same, but the worry puts those issues in an entirely different context and adds a risky new element to working through them. During these times, even normal or inevitable changes become supercharged with anxiety.

Anxiety usually affects decision-making in one of two ways, both of which are ill-advised. People become glued to the spot, afraid to make major decisions or moves. Perhaps on the theory that anything is better than sitting in a hot spot, they succumb to their panic and make hasty,

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E-mail: sales@anfinson.com fecklcss dccisions. Pcoplc alc eithel spcndin-u lirr too nruch timc trcmbling on the brink or wanting to clrarlc lirruarcl.

Fanrilies wl-ro usecl t() \\,orry ab()Llt trlinsitionins ll-orn one gencration to (he next arcn't.just uorrl,inu about liou' to -uraccfully casc thc lbundcrs out or ho\\'to choosc thc ne\\j successors without touchinc ol'l'buttlcs and bruising csos. Some tarnilics \\irnt to act more precipitouslv than they rnight havc done belirre thc cconornic crisis: the Okl Man has to go now. belirrc thinss get \\'orse.

Other conrpanies that clcarly nccd to chanse wirnt to put thcir succession pllns on holcl. Now is not the lintc to be rocking the boat. thev sl,rr'. If thc bout is taking olt ntorc watcr. wc can all.iLlst bail a littlc faster tbr il Vnhilc.

It's not .just sr-rcccssion issucs that hur.,c becontc cltargcd rvith unrictr'. Busincsscs cntcling r ncw \lugc in thcir nutural clcvclopnrcnt arcn't asking thc kind ol positive. conl'idcnt cprcsticlns that go along with tlrc ercitcrncnt of grovr'th. Instcacl ot askin-e what thcy neecl to do. or hou' thcr, cun rkt it. pcople are asking whcthcr they shoLrld do iinvthing at all.

Acknowleclsin-g todn\''s uniquc business arrd sociul cnvironrncnts seclns irnportant. It helps ltcoplc sce their concenrs as sometl'ring nornral. It pLrts their anrietv in thc proper place as sonrcthing that ntay make thcm ntorc hesitant or fcckless abollt making the nccessarv decisions. but not as somcthin-g tlrat's directlv rclatcd to r"'hat's rcally happcning in thcil business. We nray not bc ablc tct destrov the bcast. br.rt uc can ccrtainly put it in its cage. whcle all it can clo is occasionall) rattle the bars ancl put on a dislracting. but harmless. show.

Flrnily businesscs can copc by rcplacing thcir rrrrrir.tr with a rcne\\'ed sense of nrission. Farnilv busiuesscs ure bcltcr situutecl than olhcr cornpanics to grou' cluring unccrtain and anxious timcs. Instcad of having s(ockbrokcls and Wlrll Stlect analt'sts sccond-gucssing. giving contriidictorv advicc ancl ',vorrving thcnt into paralysis or rccklessness, lanrily businesses arc ultirnatelv ans\\'cfablc to thcir orvn intcrrtal. long-tcrnt sllppOft systcm.

Pcrsonallv and prol'cssionally. farnilics havc clcvelopccl lons-stundins n avs o1' sul)porting onc anolher and sticking togcther. a le liublc systelr thlt u,ill continuc to serve thent uell. I1'thc anxicty sccms too fal out ol'proportion to thc issuc at hancl. I ask thcnt how they have supportcd cach othet' in lhe Pil.l $ he rr thinr.l: \ cIr :Lilr') ()r unee |tain.

Farnill, busincsscs havc qualitics that hclp thcm not.iust stay atlout. but mol'e lhcacl through uncertairr tintcs. By thcil nature. farnily birsincsscs itre lnorc entrcpreneulial ancl nrorc flcxiblc. Thcy also hale a dccpcr rcservoir o1' Iovalty to clnru,upon. not.just from each othcf but also frum thcir cnrployccs. Less pronc to lat, pcctplc of'f and nrore riilling to holcl onto cmlllovces longer. tanrily busincsses oficn havc a nrorc motii"atecl workfitrcc.

Itfv to replacc theil anxietl'with a rcnewed sense of n-tission. Dickcns wrote: ''lt r.'u'as the best of tinrcs. it rirLs thc n'orst of timcs." Those words were nevcr truer than w'hcn applicd toda) to fnmily busincsscs. As the backbone of our ec()nonrv. l'antill' busincsscs will be arnong those who lead the way out of lcar.

Bt,rtturtl A'ils(rr Lr att u,s,sotitrte rl tlte l"tttrtilt lJu.sitte.s.s ('ort.srtltirt.,4 (irotr1t. Murielltr. Ou.: (800) 551-063-J. He ttur bc t't ttr' I t c d t t k I s k r @t c Ii nt i I.t' l t t r.s r t'.s.s.t t t t t. lltl,tittttrl ttiilt lLttni::tltt.litttt lltL I uutilt /ll.rirrrrr,L/ri.ror. t tt,l'triglttu! I'trltlictt tjt)]tt)l l4ttlilIEttt,,tpti:Ll'ultlislutt.\1, 1ttttiItrt)l tlil\ttilLltiltri.tltrrrlt\\ltrrtltithottl lr, //,iir\i,,ri ,,! l'LLtttilr l'.ttrr rttt itL, I'ul)li.\ltrt\.

By Mike Dandridge