New Answer for Mental Illness in the Workplace

In my professional career I’ve unfortunately had to deal with a suicide, attempted suicide, several major heart attacks and strokes of C-level executives. The level of stress business owners and CEOs deal with can have serious repercussions on not only the financial welfare of their businesses, but their health as well.

I’ve worked with companies where the CEOs were suffering from depression and unable to make the best decisions on the direction of the company, even to the point their businesses failed completely. I’ve been in negotiations for the sale of a company where a bipolar owner refused to sign the papers for a deal he had agreed to, only to change his mind and ask me later why we didn’t do the deal.

The mental health of CEOs and employees at all levels is a serious business, and one I need to be cognizant of at all times. It should be a concern for anyone running a business, as untreated mental illness costs companies $44 billion a year in lost workplace productivity, according to the University of Michigan Depression Center and reported in an article in the Wall Street Journal, “Tackling Worker’s Mental Health, One Text at a Time.”

It’s not just that people are missing days of work, with people suffering from depression costing the company 27 days of work a year. They are also less productive when they are at the office.

Some companies have instituted Employee Assistance Programs to help workers who may be suffering from anxiety, depression or some other form of a mental condition. These programs usually involve giving workers free counseling sessions on the phone. But some people are still reluctant to pick up the phone.

They may perceive a stigma to seeking treatment and worry about losing their jobs.  Managers are not sure what to do to help them, according to the article “Mental Problems in the Workplace” on the Harvard Health Publications website.

According to Kent Bradley, former chief medical officer at Safeway as reported in the article “Overcoming Stigma Around Mental Health Services, “71 percent of U.S. adults with depression won’t contact a mental health professional. They figure that they’ve got to work it out themselves.” He points out barriers that include not being aware of their condition, not being open to learning more about it or seeking care for it, the cost of counseling and medications, and difficulty with access to the right health care provider.

So some businesses are seeking to provide help through access to apps that help with their employees’ mental health. Rather than pick up a phone and call for a counseling session, employees can text or video chat with a therapist who can also connect them with a health coach, reports the article.

The app Ginger.io offers “personalized care for stress, anxiety and depression from a team of experts.” Users download the app and are assigned a health care coach, who coordinates their care with a team of specialists and checks in on them if they haven’t heard from the user in a few days. The user can schedule a video chat with a therapist, share information about medication needs with their physician and continue to personalize the plan until they find the right care for them.

Addepar, a financial services tech firm purchased access to the new app for its 200 employees. So far, 50 people have signed onto it.

Sprint has tried another app from Castlight Health for its 42,000 employees and dependents. Once a user downloads the app and enters health information, the app can identify who might need help by reviewing the employees’ medications and health claims and directs them to help.

Let’s say something about an employee indicates they may be suffering from anxiety. They may get a message asking if they are feeling overwhelmed and suggesting they take a questionnaire to determine if treatment is indicated.

Sprint invested a bunch of money in the app – $2.1 million. But the hope is that in addition to helping its employees, the company actually saves money on what it spends on behavioral health treatments.

However you choose to handle it, it makes sense for your company to have some policies in place to address employees who may need treatment for mental health issues.

3 Reasons You Want Employees to Take Vacation

In France, taking days off is considered a national birthright. The standard for an average worker is 30 days paid leave a year. One company, the utility EDF, has a policy that if you work more than 35 hours a week, you get an additional 23 days off every year. That’s on top of the company’s standard 27 days. Yes, that means 50 days of vacation a year – 10 weeks.

Pretty much the entire country takes two to three weeks off in July or August. In fact, the French people are divided into two camps and they even have names for them: Those who vacation in July are called Juillettists and those who chose August are called Aoûtiens.

In case you are wondering, yes, there is a massive traffic jam every year around the last weekend in July when the Juillettists are returning home as the Aoûtiens are just setting out. There’s even a name for that too: it’s known as the chassé-croisé. So here’s your warning: don’t try to travel on the highways in France that weekend.

We do take vacation in the U.S. although the average worker gets just 15 days a year. And even with that amount, some people have to be forced out of the office. But CEOs and business owners would be wise to make people take time off. Here are three reasons why:

  1. It’s better for their health
  2. It makes employees more productive
  3. It can give you a chance to detect fraud

For more on the topic, please refer to “Why You Want Your Employees to Take Vacation.”

4 Ways to Attract Millennials to Your Company

 

Today I am happy to introduce a guest blogger. Chris Butsch is a Millennial Happiness Expert, speaker and the author of the upcoming book The Millennials Guide to Making Happiness.

Millennials now outnumber Gen Xers and Boomers in the workplace, and with the improving economy, they have unprecedented choosiness in who they’d like to work for. And make no mistake, Millennials like to shop around. The average job tenure in 2014 was around 4.5 years, the lowest since the 1970s. For Millennials, it’s less than half that. And as the Boomers and Xers retire, a company’s survival will depend on its ability to attract America’s next working generation.

While interviewing dozens of young professionals for my upcoming book The Millennial’s Guide to Making Happiness, I took the time to understand why they love their current employers, or what they’re looking for in their next venture. What’s the #1 most-desired perk? What are the red flags? Around 65 percent of employers report struggling to hire and retain Millennial talent, so here are 4 ways to join the 35 percent.

1)   Have a Clear Purpose and Mission Statement

As children of the digital age, we Millennials are obsessed with Impression Management. Our jobs become part of our identity, so we’re naturally attracted to companies with missions we can get behind. Ninety-five percent of us say a company’s reputation matters strongly to us, so it’s unlikely we’ll work for a company whose Google search reveals images of Communism on the first page, like Comcast.

Having a clear, concise mission statement not only helps Millennials understand your company’s goals, it gets us excited to help you. Ensure your mission statement is broadcasted everywhere, not just your website. Which brings us to tip #2.

2)   Know Where Millennials Are Looking Online, and Be There

While Millennials spend less time researching each employer (12.4 hours compared to the 25.9 older generations spend), we tend to look in more places and for different things. Most companies have online information ready for the scrutinizing Boomer (i.e. health plan and 401k), but few are truly prepared for the investigative Millennial.

We’ll go to Facebook, Twitter, and Instagram to see if you’re there, and if you are, what kind of content you post. These platforms are a way for companies to show off their work culture, and companies who post a couple of times a week content like updates, employee praise, or helpful articles, win Millennials. For good accounts to model after, visit the Facebook pages of The Nashville Entrepreneur Center and Carvana.

Millennials will also see what former employees are saying about you, and our forum of choice is Glassdoor. We make up just over a third of the workforce, yet account for nearly half of Glassdoor’s traffic. We’re reading and writing thousands of reviews for each other, and Millennials considering one company as an employer are sure to come across this one:

Good reviews on Glassdoor are crucial to recruiting Millennials.

Good reviews on Glassdoor are crucial to recruiting Millennials.

When I interviewed for my first job at Epic Health Systems as a Project Manager, I felt nervous about the alarming number of Glassdoor reviews citing poor work-life balance. I actually printed some off and showed them to my interviewers to ask their honest opinions, which they graciously offered. I got the job, but had Epic scored lower than a 2.5 on Glassdoor, I honestly wouldn’t have flown up for the interview.

If your company has no Glassdoor reviews, consider reaching out to former employers who are likely to leave you positive words.

3)   Update Your Technology

Millennials live on the cutting edge, constantly optimizing our lives with apps, trackers and gadgets. We’re the most likely to order an Uber on a SmartWatch and get excited when a wall socket has a USB outlet.

“Millennials don’t think of technology as an extra,” writes Art Papas in Forbes. “They expect to be able to use it in all aspects of their lives.” As such, we love employers who also keep up. Productivity software, the latest Microsoft Office, and fast internet beckon tech-savvy Millennials, while aging beige monitors and fax machines make us question the company’s forward momentum. But above all, Millennials love laptops at work because they often come paired with another item on our workplace wish-list: flexibility.

4)   Pay in Dollars and Freedom

On average, Millennials get married seven years later than our parents did in the ‘70s. We place huge value on international travel, and are the least likely to own a car or a house. Surely part of our changing mindset is due to our tepid economic predicament, but mostly we wait to “settle down” because we value our freedom.

According to Fast Company, Millennials place more emphasis on work-life balance than other working generations, and Bentley University found that 77 percent of Millennials believe flexible work schedules boost our productivity. We’re not asking to work less; rather, we just want to get more done in the same time or the same done in less time.

And according to Ellen Ernst Kossek, author of CEO of Me: Creating a Life that Works in the Flexible Job Age, we might be right. “Research shows that employees are healthier, experience less stress, and are more productive and engaged when they effectively make choices about how, where and when they work.” Which explains why more Millennials look at the 9-to-5 and ask: why?

As for vacation, my friend from Switzerland once asked me, “How much vacation do you have?” When I told her 10 days, she balked. “Only 10 days left? Wow, where all have you been traveling this year?” Thanks to globalization, more and more Millennials are picking up on our country’s deplorable standards for time off. And since we highly value freedom and travel, we’ll work hard for companies with forward-thinking strategies.

Virgin, Best Buy, and Netflix offer unlimited vacation time, while startup powerhouse Evernote offers a bonus to employees who take at least an entire week off. While these policies sacrifice in-office time, they boost retention and employee happiness, creating a clear return on investment.  Research shows that prolonged work-a-thons atrophy our productivity and ability to cope with stress, so Millennials especially are more likely to burn out of jobs that don’t provide adequate time off.

Plus, affording your employees more vacation time and flexible work hours creates a quieter office, so you’ll kill two birds with one stone.

We Are Not Family in the Workplace

You hear it all the time – “I love my job. We’re like family there.” It’s true that a workplace setting may sometimes resemble a family. You spend a lot of time together. You have parties together, go out to lunch, celebrate successes. Sometimes people in the office even get nicknames like Aunt Betty.

But there are big differences between a family and a business. Here are just two: a business has the goal of making a profit. And it can choose who gets to stay and who goes. With family members, for better or worse, you’re just stuck with them.

This family mentality, while it may sound inviting to outsiders and help with employees’ morale, is actually not what you want to encourage in a workplace. Yes, you can keep your parties and celebrations and encourage good relations and positive morale among co-workers. But the overall goal is to build a high-productivity team – not a happy family.

Let’s take a look at Netflix.

Netflix has 81 million subscribers and grew its revenue from $1.2 billion in 2007 to $6.8 billion. This pioneering company has changed the entertainment industry. Its history, place in our society and future is fascinating. You can read all about it in the New York Times Magazine article this past weekend, “Can Netflix Survive in the New World It Created?”

But there was a point early on when the company’s survival was in question. In 2001, after the internet bubble burst, Netflix had to lay off 50 of its 150 employees, cutting its staff by one-third. And what happened? The people who were left had to work harder, but were actually happier.

Founder and CEO Reed Hastings and former head of HR Patti McCord thought it was because they “held onto the self-motivated employees who assumed responsibility naturally.” They said office politics disappeared overnight.

Since then the company strives to maintain what Hastings calls its “high performance” culture. A lot of companies pay lip service to that value, but at Netflix, they mean it.

Netflix captured its culture in a slideshow the company produced in 2004. (And that has been viewed 14.5 million times.) This 124-slide, simply produced show includes the company’s philosophy of hiring, And firing.

“Like every company we try to hire well.”

“Unlike many companies, we practice: adequate performance gets a generous severance package.”

“We’re a team, not a family. We’re like a pro sports team, not a kids’ recreational team. Netflix leaders hire, develop and cut smartly, so we have stars in every position.”

The analogy of the kids’ recreational team versus the pro sports team is perfect to capture the mentality I’ve seen so often in my practice with GlassRatner. I mention a few stories in my book, “How Not to Hire a Guy Like Me: Lessons Learned from CEOs’ Mistakes.”

There was the company where the CEO’s grandmother was on the payroll, but whose primary responsibility seemed to knit the CEO socks. There was the beloved “Aunt” Tess who handled payroll, helping herself to the salaries of several non-existent employees every two weeks.

I’ve seen many companies that run more like a kids’ recreational team. Everyone gets a trophy and we love the ladies who brings the snacks!

But in real life, people who don’t perform get cut from the team. And the job of CEOs and senior management is to field the best team possible. Netflix does that early on by recognizing mediocre talent and paying them to get off the team.

Zappos has a similar philosophy for cutting people quickly who aren’t going to be the best team members. They famously use “The Offer,” giving new employees the opportunity to receive $2,000 to leave rather than starting the job.

Last year, Zappos had a large increase in turnover when 18 percent of the company took buyouts, an extension of “The Offer.” Zappos was unfazed, according to this article in The Atlantic, “Why Are So Many Zappos Employees Leaving?”

“We have always felt like however many people took the offer was the right amount of people to take the offer, because what we really want is a group of Zapponians who are aligned, committed, and excited to push forward the purpose and vision of Zappos.”

That’s the kind of team you want to build. A pro sports team. Team members who don’t perform can and will be cut.

My Moves Like Jagger

They must be getting some kind of satisfaction. The last three tours of The Rolling Stones grossed $401 million. Fifty-four years after childhood friends Mick Jagger and Keith Richards first formed what has been called the World’s Greatest Band, the band is still performing and drawing record crowds.

So I was interested in an article written by Rich Cohen in the Wall Street Journal recently called “The Rolling Stone’s Guide to Business Success.” This band  has been “among the most dynamic, profitable and durable corporations in the world,” he writes. They must have learned a thing or two along the way.

I agreed with many of the five lessons he targets from the long and successful career of the band. I’d like to focus on one in particular.

Cut the anchor before it drags you down

 Blues guitar player Brian Jones formed The Rolling Stones with Mick, Keith and pianist Ian Stewart, joined soon by bassist Bill Wyman and drummer Charlie Watts joined. They played their first gig at the Marquee Club in London in July 1962.

A rebellious middle-class young man, Brian could reportedly master an instrument in a single day. He was leader of the band and also served as its manager.

But he soon adopted too much of the rock star persona, doing drugs and not showing up for sessions. As Keith Richards said in an interview in the Rolling Stone magazine, “I enjoyed his company, and I tried incredibly hard, in 1966, to pull him back into the group. He was flying off. But my attempts to bring Brian back into focus were a total failure.”

Mick, Keith and Charlie felt they had no choice but to fire him. A month later he was found dead on the bottom of his swimming pool at the age of 27. A sad story but the guys did the right thing for the band. They had to cut the anchor before it dragged them down.

As Principal of GlassRatner in our restructuring and bankruptcy practice, I have to cut a lot of anchors at companies we’ve worked with as clients. It’s necessary for a variety of reasons. Ineffective managers may have been promoted beyond their ability and incapable of performing their jobs. Employees have gotten lazy and are more concerned with getting a paycheck than doing much to earn it.  Or the company may just be bloated and need to be streamlined to crawl back to health.

I’ve had to fire employees at client companies for embezzlement or incompetence. And as I wrote in my book, “How Not to Hire a Guy Like Me: Lessons Learned from CEOs’ Mistakes,” I once had to fire the CEO’s 83-year-old grandmother as her main contribution to the company was knitting him socks.

Sometimes I have to get rid of people because they have become troublemakers, hurting the morale of the other employees, spreading false rumors or stirring up drama in the workplace. As I heard a speaker say one time, “If you spend your whole day putting out fires, it’s time to fire the arsonist.”

It’s not a pleasant task. But efforts to save previously valuable and now-floundering employees rarely works. Like the efforts The Rolling Stones made with Brian Jones, they generally fail and are just a waste of time.

While I may not have Mick Jagger’s net worth, estimated at around $360 million, I do share some of his moves. Cutting anchors is one of them. It’s one of the keys to the success of any company and helped in the unparalleled career of The Rolling Stones. As pointed out in the article, “Why have the Stones lasted while all others faded? Whenever I asked an old-timer, I got the same answer. It’s Mick—his clearheadedness, his lack of sentimentality.”

Qualities of Millennials and How to Work with Them, Part Two

This is the second of a two-part series on working with millennials. The first post introduced three qualities of millennials in the workplace. Part two will examine how to embrace these qualities and use them to retain quality employees and contribute to the success of your company.

Building a motivated, dedicated workforce. That’s one of the most critical components to the success of your business, as I mentioned in part one. As Principal of GlassRatner in our restructuring and bankruptcy practice, I see so many instances where a company may have many of the basics covered, like having a good product and effective distribution channels, but are struggling due to a high rate of turnover and the lack of a productive workforce.

Qualities of millennials include being tech savvy, not being motivated only by money and being used to working in teams to find creative solutions. Here are some ways to embrace these qualities to enhance the success of your business and retain those employees:

1. Leverage their knowledge of tech by instituting a form of reverse mentoring.

While older generations may have decades of knowledge in their field, millennials tend to keep up more with social media and changes in technology. They are the first generation to grow up immersed in tech. So ask their advice, give them a seat at the table if you’re discussing how to incorporate social media into building your brand. They will feel appreciated and valued, and your business will benefit.

The Wall Street Journal article “Mentor Your Boss” mentions a website founder who made a 21-year-old intern their expert for social media. Stacy DeBroff said, “There are so many changes and so many technologies coming alive, and twentysomethings, who have ‘grown up’ using social-media sites, tend to find solutions quickly.”

2. Make their work feel meaningful.

More than once I’ve had employees leave, either with no other job or with one that paid significantly less. And it’s not just happening to me.

A 2012 survey showed 56 percent of millennials would take a pay cut to to work somewhere that is changing the world for the better. Think about that for a second. More than half your workers may leave, for less money, if they felt they’d found a more meaningful place to work. And 91% say that a company’s social impact efforts are important when they are considering which companies to work for, according to the article “Study: Millennials’ Work Ethic Is In The Eye Of The Beholder.”

So take a look at your business. How is it helping people and helping the world? Focus on that narrative about your business and share it. Make your millennial workers feel proud to work for your business because they are working to make the world a better place.

As reported in the Wall Street Journal in “Helping Bosses Decode Millennials—for $20,000 an Hour,” the consultant Lisa McLeod helps companies “set a ‘noble purpose’ to strengthen young employees’ connection to their work.” And share stories of how your company benefits the world with stories rather than statistics, as they find those more compelling.

chart13. Incorporate more brainstorming and teamwork into your business.

In a 2013 survey conducted by IdeaPaint on millennial workplace trends, millennials were asked to complete the statement, “My favorite place to generate big ideas is ….” More than 86 percent responded by saying either collaborating with a small group of colleagues (2-3) or brainstorming with a large group of people.

Millennials feed off the energy of others in the workplace. Give them the opportunity to work collaboratively by forming teams and holding brainstorming meetings during which they are encouraged to share their ideas and they feel their opinions are valued. Create collaborative working spaces.

Making changes in your workplace to embrace the differences that millennials bring will pay off. As this article in Fortune, “How tech-savvy millennials humanize your workplace” pointed out, “The so-called “millennial” has become more than a demographic age group; it is a mindset. A way of looking at the world and, regardless of age, declaring, ‘there has to be a better way.’”

You want that mindset working for you and your business.

Tips for Hiring from Top CEOs

Hiring the right people. We all know how important it is for CEOs and business owners to build the right team. One of the questions I enjoy the most from the “Corner Office” column in the Sunday New York Times is “What qualities do you look for in new hires?” I learn a lot about that business leader and that business from that one question.

A few weeks ago, Amy Pressman, the Co-Founder and President of Medallia, a provider of customer service technology was featured. She said in part, “I listen really carefully when I interview people for whether their narrative is: ‘Life happens to me’ or ‘I make life happen’; ‘I am owning this situation’ or ‘I am a victim.'”

She says she wants to know through what lens people look at the world – through a lens of ownership or victimization. “In any given situation, you have neither zero percent nor 100 percent control. But whatever control you have, even if it’s just 5 percent, you need to make the most of it,” she said.

For more wisdom from CEOs, read my previous post “Tips on Hiring from the Corner Office.” For example, find out what the former CEO of Marriott International says are the four most important words when hiring and another CEO’s favorite three-word question.

Lessons from a Winning Masters Caddie

I think our couch is older than Jordan Spieth. But what a thrill to see this poised and talented 21-year-old win The Masters Sunday. Then I liked him even more when I read a Wall Street Journal article about his caddie, “Why Masters Champion Jordan Spieth Hired a Former Schoolteacher as His Caddie.”

Not long ago his caddy, Michael Greller, was teaching square roots to pre-teens as a 6th-grade math teacher. He had done a little caddying on the side and liked being able to use real-world examples of math for his students. He and Jordan met when Jordan needed a caddie for the 2011 U.S. Junior Amateur. Michael knew the course and was recommended to Jordan by a friend.

When Jordan turned pro in late 2012, there was no shortage of more experience caddies who wanted to work with him. But he wanted a caddie who could travel with him all year, no matter how well he was doing. So Michael left the classroom for good and became Jordan’s caddie. Just a little over two years later, Jordan put on the famous green jacket as the winner of the 2015 Masters.

What struck me about the article was this observation from the author, Brian Costa. “When Spieth double-bogeyed the 17th hole Saturday, Greller didn’t say much as they walked to the 18th tee box. He mostly just listened.”

As Michael said, “You don’t want to overanalyze or make it harder than it is. I just try to be a calming influence on him.”

I thought about that in the context of my work as the Turnaround Authority. I deal with a lot of people who are under a great deal of stress. When a financial institution or a company hires me, the situation is a dire one. People may be on the verge of losing large sums of money, defaulting on their loans or ever losing their entire business.

A lot of what I do in the beginning is listen. And listen some more. I need to gain a clear understanding of what is really happening in the company and how it got to where it is.

And I definitely don’t want to make it harder than it is, as Michael said. A large part of my job is to break down extremely complicated situations so they are manageable and can be dealt with in an efficient and productive way.

Michael understands that part of his function is to be a calming influence. That’s one of the things my clients have often said about me, and actually, I believe to be a crucial part of my job. I need to calm people down because nothing is going to be accomplished when people are in a highly emotional state.

With his quote, he cited two of the most critical skills involved in being a successful turnaround guy. To paraphrase the famous phrase with variations being found everywhere, “Keep Calm and Listen.”

3 Reasons You Want More Women on Your Board

It’s a man’s world. At least in the board rooms of Fortune 500 companies, where women continue a pattern of holding less than 17 percent of corporate board seats. Compare that to other countries, some of which are so concerned about the lack of females on boards that they have set quotas. These countries have set quotas of 40 percent and have come a long way toward meeting them.

The top five countries in terms of percentage of female representation are:

Norway: 35.5

Finland: 29.9

France: 29.7

Sweden: 28.8

Belgium: 23.4

Germany hasn’t fared much better than the U.S., with just 18.5 percent of female board members. However, it recently introduced a quota of 30 percent by 2016.

While mandating quotas for U.S. companies may not be the answer, it’s time for companies to take a good look at their numbers and what having more women on the board could mean for them.

Here are three reasons you should consider adding more women to your board.

  1. Having women on your board is good for your bottom line

A study done by Catalyst, a non-profit organization for women in business, found that Fortune 500 companies in the top quarter of number of female board members outperformed those in the lowest quarter with a 16 percent higher return on sales and 26 percent increase on invested capital.

These numbers increased to 84 percent higher return on sales and 60 percent increase on invested capital for companies with sustained high representation of women on their boards.

A study on decision-making was conducted by Chris Bart, professor of strategic management at the DeGroote School of Business at McMaster University, and Gregory McQueen, a McMaster graduate and senior executive associate dean at A.T. Still University’s School of Osteopathic Medicine in Arizona, and published in the International Journal of Business Governance and Ethics.

For their study they surveyed 600 board directors on how they made decisions. The results showed that while men prefer to make decisions following rules and tradition, women are more likely to consider the rights of others and to take a collaborative approach to decision-making, which translated into better performance for their companies.

  1. Having women on board can decrease your company’s chances of going bankrupt

A study done by Leeds University Business School found that having just one woman on your board could cut your risk of bankruptcy by 20 percent. Having two or three members lowered your chances even more.

The study involved 17,000 companies in the UK that went insolvent in 2008. The results were published in an article in The Times with the title “Higher Heels, Lower Risk: Why Women on the Board Help a Company Through Recession.” Unfortunately, this one didn’t seem to be available online as I was intrigued to read more.

  1. Having women on your board can result in less fraud, corruption and scandal

This from a recent article on thinkprogress.org, “Appointing Women to Company Boards Helps Avoid Scandals, Fraud and Corruption.”

MSCI, Inc., a provider of investment decision support tools, looked at the presence of women on the boards of thousands of companies and their corresponding propensity for scandals and tensions with shareholders. The results showed “a clear pattern between having higher than mandated percentages of women on boards and fewer governance-related controversies.”

The research is clear. Having a diverse board can benefit your company in many ways.

Yet, U.S. companies have been slow to respond. In fact, the article points out that male board members named John, Robert, James or William outnumber all women on boards.

Want to improve the performance of your company? Get a woman on board.

5 Tips for Siblings Working Together in the Family Business

This is the second in a two-part series on siblings in family businesses. Part one covered some successful sibling partnerships, while part two give tips for success for siblings who are in business together.

Even though you may have fought over whose turn it was to use the bathroom and who sat where in the car as children, that doesn’t mean you can’t own and run a successful business with your sibling.

There are unique challenges to it, of course. You may not have chosen your sister as a business partner. You can’t easily quit and go to another business when you’re frustrated. And it can be uncomfortable to attend Sunday supper with the family if you’ve just had a disagreement over an issue at work.

Here are some tips for you and your sibling to work together successfully.

  1. Have separate roles based on skill, not family hierarchy

Just because he started with the company first doesn’t mean that sibling should become the CEO. He may not be best suited for the job and would rather use his background, education and natural skill with numbers to serve as CFO. Perhaps another sister or brother is best suited to the role, and just needs a bit more training to take over the lead position, while a different sibling might have the perfects skills and personality to run the sales department.

  1. Understand, trust and respect each other’s contributions

I imagine Walt Disney got frustrated with Roy sometimes when he didn’t immediately jump on his latest vision for their company, being concerned with how they would finance it. And Roy was equally frustrated by Walt’s tendency to continually start new facets of the company without considering available resources.

But they were smart enough to realize they each played a crucial role in the company and that it took both of them to make it successful. They needed, respected and trusted each other.

  1. Communicate frequently and put it into writing

Any business needs open channels of communication on all levels. With family businesses, making sure decisions are communicated in writing is critical, as there tends to be more verbal communication among family members.

If you’re at a family picnic and make a decision about something crucial to the business, follow it up with an email to ensure you both understood the decision you made.

Hold regular, formal meetings with your siblings to discuss the business. Make sure every partner feels heard during the discussions and that notes are taken during the meeting and distributed afterwards.

  1. Establish, tweak your mission and goals together

Maybe you and your sibling started the company with one mission, but as you took your goods or products into the marketplace, you saw that a correction to that mission is necessary and your goals may shift. Or you’ve decided you should shut down one subsidiary in favor of focusing on another.

Discuss any changes or direction with your sibling partner. Don’t assume he or she has come to the same conclusion.

  1. Establish boundaries between work and family

If you and your siblings enjoy socializing outside of the office, that’s great. But if you’re forced to more than you’d like, maybe from pressure from dear old mom and dad, seek to minimize that time together, or just request it be a no-work-talk social event.

It won’t always be easy to be a partner with your sibling. When times are tough, remind yourself that you do love each other and you will always be family. Ultimately, you share the same goals of maintaining family harmony and growing a successful business.