The Levant Family Business Podcast – Emotional Dynamics In The Family Business IV – Emotions in the Family Business.
Episode 17 – The Interplay Of Emotions In Family And Business – A Conversation With Rania Labaki.
Human emotions are extremely intricate and complex psychological states and the interplay of emotions in family and business is often difficult to address. Emotions can be reactions to internal stimuli (thoughts, memories) or external events that occur in our environment. Reactions to these stimuli are entirely unique to each individual, and as a result, managing them can be particularly difficult. This is notably so in the family business arena where the additional overlap between professional and family life increases the challenging situations. Research suggests that emotions rooted in family life directly impact experiences, behaviours and outcomes in the business sphere, and vice versa. It is undeniable that these emotions, whether positive or negative can have a significant effect on decision-making processes and ultimately on business outcomes. This shows that it is particularly important that emotional dynamics need to be addressed to encourage business best practice. So what are the steps that family businesses can take to deal with emotions effectively? What considerations should we be aware of?
In this episode, Professor Rania Labaki from EDHEC Family Business Centre joins us once again to share her knowledge and expertise on this interesting topic.
Why is it so important that emotions are regulated in the family business setting?
“The emotions of family members can have a significant impact on a business. It’s important to keep in mind that emotions are contagious – the emotion of one family member can easily impact the emotion of other members, and if the emotions are being also diffused into the business sphere, they may also impact non family members, executives and employees. If these emotions are negative, they can clearly have a negative impact on the operational performance of the firm”.
– Rania Labaki
KEY QUESTIONS DISCUSSED IN THE PODCAST
- What do we mean by ’emotions’ in a family business context?
- Should emotions be kept separate from the business?
- What are the best practises that family businesses could adopt to better manage emotions?
- What are the different effects on the business of positive vs negative emotions?
Episode 17 creates a dialogue to explore this relevant topic with expert insights from guest speaker Professor Rania Labaki. Prof. Labaki is Director of the EDHEC Family Business Centre and Associate Professor of Management at EDHEC Business School, where she teaches and conducts research at the intersection of the fields of finance, entrepreneurship and family businesses.
The episode is hosted by Cherine Debbas, Co-Founder of AGW Family Business Advisory.
You can listen to the full series of The Levant Family Business Podcast on www.soundcloud.com/tharawat
This podcast series is designed by The Tharawat Family Business Forum and produced in collaboration with AGW Family Business Advisory. More information on www.tharawat.org and www.agw-advisory.com.