Top
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.
Featured Insights
The views and opinions and/or analysis expressed are those of the author or the investment team as of the date of preparation of this material and are subject to change at any time without notice due to market or economic conditions and may not necessarily come to pass. Furthermore, the views will not be updated or otherwise revised to reflect information that subsequently becomes available or circumstances existing, or changes occurring, after the date of publication. The views expressed do not reflect the opinions of all investment personnel at Morgan Stanley Investment Management (MSIM) and its subsidiaries and affiliates (collectively “the Firm”), and may not be reflected in all the strategies and products that the Firm offers.
Forecasts and/or estimates provided herein are subject to change and may not actually come to pass. Information regarding expected market returns and market outlooks is based on the research, analysis and opinions of the authors or the investment team. These conclusions are speculative in nature, may not come to pass and are not intended to predict the future performance of any specific strategy or product the Firm offers. Future results may differ significantly depending on factors such as changes in securities or financial markets or general economic conditions.
This material has been prepared on the basis of publicly available information, internally developed data and other third-party sources believed to be reliable. However, no assurances are provided regarding the reliability of such information and the Firm has not sought to independently verify information taken from public and third-party sources.
This material is a general communication, which is not impartial and all information provided has been prepared solely for informational and educational purposes and does not constitute an offer or a recommendation to buy or sell any particular security or to adopt any specific investment strategy. The information herein has not been based on a consideration of any individual investor circumstances and is not investment advice, nor should it be construed in any way as tax, accounting, legal or regulatory advice. To that end, investors should seek independent legal and financial advice, including advice as to tax consequences, before making any investment decision.
Charts and graphs provided herein are for illustrative purposes only. Past performance is no guarantee of future results. The indexes are unmanaged and do not include any expenses, fees or sales charges. It is not possible to invest directly in an index. Any index referred to herein is the intellectual property (including registered trademarks) of the applicable licensor. Any product based on an index is in no way sponsored, endorsed, sold or promoted by the applicable licensor and it shall not have any liability with respect thereto.
This image indicates content designed specifically for Financial Advisors / Investment Professionals. This material is not to be used with the public.