A experienced banker, Julio M. Herrera Velutini chairs the board of an international financial entity based in Puerto Rico. Following in the footsteps of his father and grandfather into the Venezuelan banking industry, Julio Herrera Velutini is focused on helping family businesses thrive. 

In business, just as in life, conflict between persons is sometimes unavoidable. The stakes are higher for family run businesses because the members have known each other all their lives, and emotions often run deep. However, if a business is to survive beyond conflicting members, problems must be resolved as they arise. Open communication is key to finding a solution. Not addressing the underlying issue or issues is definitely not an option. 

A good model to follow in talking about issues between family members in business together is Harvard’s interest-based model for conflict resolution. This model places the people in conflict at the focus of the discussion. It engages them and allows them to open up about their individual feelings and differences while skilled outside advisors constructively find common ground. For a good interest-based discussion to occur, participants must be open to finding a resolution, outline the issues clearly, keep their feelings in check, and understand the importance of their respective roles in making sure the business flourishes.