Business owners can be some of the most cynical people in the world
Why? Because they fight every day of their lives to overcome frustrations with competitors, lenders, vendors, and employees. Their initial vision of an easy road fades; replaced with the realities of entrepreneurialism. Regardless of their current level of success, the scars of past battles fought tend to linger, marking their days with caution and uneasiness.
Family owned enterprises face unique challenges
They deal with upcoming generations – all bright-eyed and enthusiastically optimistic, expecting to swoop in and force their ideas onto the business you’ve created. You think this might be a good thing, fresh energy and ideas. Finally, a way for you to relax a little…until you start to think about all the questions that need to be addressed. How can I impart the wisdom I’ve gained about my business, and life in general? How will existing staff react to leadership from untrained and untested individuals? What about compensation, titles, and responsibilities? How can I set expectations and discipline if I have to go home and live with them every day? Questions, questions, questions with little or no immediate answers. The most important question of them all; If I make a mistake, will it destroy my family?
Your concerns are justified; money and power are a force that must be taken very seriously. You not only have to think about your family but all the extended family that will interact with them over time – spouses, aunts, uncles, friends, etc. All whispering in their ear and offering opinions regardless if they were requested. You have or are about to open pandora’s box, so move slow.
How we can help
Coachfirm specializes in family owned businesses and partnerships, examining and discussing topics like:
- Should you even bring family members into your business
- Fair compensation
- How and who should do the training
- Managing expectations on both sides
- Keeping a family-owned business together over time
From years of direct experience, I know bringing family into a business can have great value if done the correct way. How, you ask? With eyes open and a plan. If you’re struggling with family members or partners in your business or you are thinking about going down that path and would like ideas and help, please contact me.
Every Day a Little Stronger!