15 Jan 2020

Family Businesses Are Great! (Or Are They?)

Owning a family business can be one of the most rewarding business structures ever created.  Leaving a legacy for the next generation, watching your children grow and learn and lead. Leaving more than just a business, but a lifestyle to continue to pass on and on and on…

But…it can also be one of the most intensive, emotion draining and stressful things an owner may ever encounter. The added complexity of involving family in business operations on top of an already difficult “job” as an owner may just add to an already stressful life. You bring your son or daughter into your business, allowing them positions of responsibility and leadership. And sometimes, it just goes all wrong…sometimes disastrous. There is almost nothing worse for the culture of a business than the son or daughter of the owner who truly aren’t qualified for the role or truly don’t have aligned goals as the owner.

Business owners, while well-intentioned, must truly consider the impact of having a relative in the business, both for themselves as the owner but for the employees (and customers for that matter). While they are family, treat the situation as you would hiring someone from the marketplace. Are they qualified? Do they bring value to the table? Are their goals aligned to yours and that of the business?

So, be sure they are a match to your values, mission and overall goals AND they are qualified to do the job before making this type of long-lasting commitment.

Questions, just reach out by email or phone and we’ll discuss your specific situation.

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