January 2, 2020 - By Mike Bossy

It doesn’t matter how many times I have seen Star Wars, I can’t resist seeing it again. During the holidays, they also run the Star Wars marathon. I watched it again: “resistance is futile” (I can’t resist Star Trek either). One of my favorite scenes is the Catina Bar. I always wondered what the patrons were talking about.

At my last Strategic Coach session, Dan Sullivan made mention of this classic scene. He said things do not change. The patrons are talking politics, their bad job, over regulation, the economy, their financial worries, their bad co-workers, their family life, the list goes on and on. He was right, so I thought what else could they be talking about.

Later in the scene, Luke Skywalker comes into the bar. All goes silent. That reminded me of many a family business transitions I have seen. The things that are said and not said. The sibling that has come home after limited success in outside work. The family member with a substance abuse or spending problem. The family member with learned helplessness or a sense of entitlement. I have seen Dad and Mom as “helicopter parents”, trying to make it better. There are a lot of varying stories on the theme. You can likely identify a family like this, or perhaps it’s your own.

I suggest two key documents for the family business. First, develop a “Family Participation Plan” and visit it often. Second, document the core values and beliefs related to the family business. These two documents may mitigate the issues described above.

Happy New Year 2020!