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By David RichmanManaging Director, Advisor Institute

Some of the most successful teams we encounter are family practices. This makes us wonder: what are the nuances of such high-functioning family teams that might be replicated in non-family practices?

After all, working with family runs the risk of damaging familial relationships and the business—just watch an episode of HBO's Succession. Yet so many of the family teams we experience can rise above the stereotypical experience of working with family.

We've recently been coaching a father-daughter, daughter-daughter team. It was fascinating to observe the daughters' reaction to the father's upcoming one-month vacation. They were genuinely thrilled. On a non-family team, members might feel resentment over the fact that their senior leader was taking that much time away from the business. On a family team, members are often happy to see their senior leader take a well-deserved break.

This highlights a hallmark of successful teams—intergenerational or not—the consistent ability to enjoy someone else's success.

While this may come easier to family members, it's how the best professional teams attempt to operate. Consider this quote from Erik Spoelstra, Head Coach of the Miami Heat:

"One of the biggest foundational standards is you must get to a place where you can enjoy somebody else's success...There is an energy, that if you breathe life into somebody else, you breathe life back into the team."

These are some other key takeaways from great family practices:

  • Want only the best for each other
  • Be selfless
  • Have a mindset of "our team" versus "my team"
  • Separate personal lives from professional lives
  • Ensure all team members feel like they're part of the family, and there's no perceived inner circle that makes others feel like outsiders

Bottom Line: When it comes to your team, do what the best family practices do by making an intentional effort to find joy in the success of all team members.