Final answer:
Personal conflict in family-owned firms can be avoided by implementing good governance, using a family mediator, staying committed to the company mission, and fostering a strong company culture.
Step-by-step explanation:
While family-owned firms are not free from conflict, personal conflict can be avoided through a variety of means including good governance, employing the use of a family mediator, a commitment to the company mission, and a strong company culture. Conflicts may arise due to differences in beliefs, values, opinions, and actions relating to business operations, and it is essential to address these in a manner that maintains the harmony and productivity of the business.
Good governance involves the establishment of clear roles, responsibilities, and procedures for decision-making that can help mitigate conflicts. Additionally, a family mediator can assist in resolving interpersonal issues that are bound to arise in family-operated businesses. Moreover, a shared commitment to the company mission can align family members' actions towards a common goal, reducing the potential for personal conflicts. Lastly, a strong company culture fosters a sense of unity and shared values that can preemptively address possible friction points.