How to Successfully Manage A Business With Your Family

The Bright Side Corner

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How to successfully manage a business with your family is very...tricky, sticky, or touchy to say the least. I know. Been there, done that! That's why I'm sharing this blog to you for help or as a consolation for dealing with this.

Many people fumble or fail when it comes to business dealings with their own family members. Perhaps you're one of them. Have you ever wondered or thought about this kind of sensitive situation to be in for a second?

Well, have I got good news for you folks! Clear your thoughts because I have some very useful and helpful tips for you today regarding this delicate family matter subject.

Governance provides a broad sense of purpose or mission for your family and gives the family a sense of stability.

Without stability, we cannot plan long-term. Family business systems have an enduring advantage over all other kinds of enterprise in large part because of their long-term goals, plans, and commitments. 

Yes, without stability, you lose your built-in advantage. And yes, without adequate governance, you don't have adequate stability.

The family business system absolutely must be governed, and governed well, for success.

If you don't already have one, you might want to appoint a strong "gatekeeper" or your right-hand person who has the rigorous training and responsibility of keeping you informed and using his or her skills, knowledge and influence to keep you updated.

Here are the business statements and questions you need to address with your family in your business:

  • Think about what you're going to expect. How are you going to do what needs to be done, what the right thing to do is, and what other important things such as procedures, policies, et cetera, should be done?

  • Consider personal involvement - feel free to invite your father and mother to join in and give advice when appropriate.

  • Be prepared to act as the coach of the family business.

  • Develop a strong history of healthy swings of support - come prepared to move at just the right time by making an example of yourself and your family.

  • Develop on-going communication relationships with other leaders in the organization, as well as family, friends, neighbors, and colleagues.

  • Initially you need two-way, two-way communications. Be honest and frank with other members of the family.

  • Involve your family in the decision-making process. Your friends might be leading the initiative, but it will work to your advantage to have your family involved who may be more likely to support the concept of change than others.

  • Include your spouse and children in their part in the organization as they can contribute to the corporate sustainability and future viability.

  • Clearly define and communicate the needs of your family business.

What is the business model? What's the picture of the future to the marketplace? Who in the organization will pass the baton to carry out the mission? How will you know you've successfully implemented your mission?

  • Develop a clear plan for how you will articulate your business model.

How are you going to meet that model? How are you going to get there? Are you going to encourage the family members that have been so supportive of you to step forward and be more active in the organization?

  • How will your family members know that they are part of the business? Are they going to join your business?

  • Do you yet have a family member to call on?

Yes, spend sufficient time building your family business with its priorities setup and ready for success. You may also need help for creative services to support your business.

Addressing all the above mentioned topics with correct planning and execution will help you and your family members start and grow your family business in the right direction.

Remember, there's no "I" in team, only "We" to make your business succeed and prosper! 

Thank you for reading how to successfully manage a business with your family. I hope this helps you or someone that you know.

If you liked this, share it to your family and even friends who might benefit from reading this article. You can also follow me here on News Break. Until next time. Happy New Year to everyone. Take care and stay safe!

Photo credit: By Fox / pexels.com

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