Founder must share vision for company to succeed in future. (Up Front).

Hats off to the founder of the family business. You put it all on the line and created your family's most valuable tangible asset. In return, you have experienced the satisfactions that come with owning your own business: the independence you always wanted, a better standard of living than if you worked for someone else; and the opportunity for future generations to share the legacy. None of this would have happened without your willingness to take the risks, dedicate yourself to the business, put in long hours, and make many other personal sacrifices along the way.

The business is the result of a vision that includes your hopes and dreams for what your business could and should be. But it is usually more than that. Your vision probably also includes personal financial independence, and the expectation that other family members will be involved in the business.

Like most founders, you have kept much of your vision to yourself. After all, it is a very personal matter, and it isn't easy for you to talk freely about personal stuff - even with your own family. Although you may find it more comfortable to keep your own counsel, there are some potential dangers involved if you do. Some problems we've seen family business founders encounter include other family members developing their own business and personal "visions." With luck, they may match yours. Then again, they may not. It is very difficult to move a business forward successfully if the "movers" are puffing it in different directions.

When was the last time your family discussed their roles in the family's business? If your answer is "never," or "not for a number of years," watch out. Without on-going dialogue, family members often develop their own expectations of what their roles should be, and then start fighting for "position." The teamwork needed to assure business success never materializes.

What about the future of the business? Suppose your vision is to sell out and retire in comfort. That can be a great vision for you, but your children may not be thrilled if they have assumed the business would be there for them. Try an opposite example. You hope to perpetuate family ownership and management, but none of your children are interested and are involved only out of a sense of obligation. Then where is the business in the long run?

Our firm has seen businesses and families come unraveled over such misunderstandings. What can you do to avoid that in your family business? Openly share your vision with your family -- and to encourage other family members to share theirs. Practically speaking, nobody but you has the "power" to get this kind of dialogue started -- or to keep it going.

Every family business we've seen that has been perpetuated through two or more generations has used family/business dialogue to create a shared vision. However, there is always an element of risk. After all, some expectations may conflict with others. But that will be true whether you talk about it or not.

If differences exist, it is far better to surface them and try to work them out.

Ernest A Doud Jr. is the managing partner of Glendale-based DoudHausnerVistar, a consulting practice that focuses on assisting clients to successfully manage family/business dynamics.