Welcome to my weekly Faith and Family Business reflections, where I (briefly) probe important questions that arise in family business – questions relating to behavior, relationships and legacy – from the angle of a Biblical story. For more information about this series, click here.
“Esau said to Jacob, ‘Let me eat some of that red stuff, for I am famished!’ Jacob said, ‘First, sell me your birthright.’” (Gen. 25:30-31)
Esau was starved after hunting, and wanted food – right now! He was willing to trade something of long-term value for the satisfaction of his immediate needs. In the Old Testament, a birthright recognized one's position as leader of the family and carried a double portion of inheritance. Jacob took advantage of his brother's vulnerability, and demanded the birthright before giving him food. Esau decided to go along. He was literally “going with his gut.”
Family businesses are full of important, long-term decisions. From entity and debt structure to hiring and firing; from retirement and succession planning to income and estate tax strategies; from cost structure to product pricing…when your family owns the business, the list of key decisions is never-ending. Going with your gut can have positive results, but making good decisions for the long-term often requires more reflection and discussion. Being contemplative is worth it.
Have you ever made an impulsive family business decision you later came to regret? What is a decision you are facing now, and what is your strategy for deliberately dealing with it?
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