1. Do Not Utilize a Family-Only Approach
To further illustrate this situation, here is a story about one of Hubler’s first clients:
About 30 years ago, a woman who owned a fast food chain with her husband came to us because of an unhealthy dynamic between her and her stepchildren. She was being outvoted on business decisions by her husband and his children, which was causing tension in the business she was trying to run with her husband. His youngest son, about 10 years old, also felt a sense of entitlement and believed he would own the business when he grew up. While that was a possibility, the sense of entitlement was an unhealthy and dysfunctional addition to the business. Hubler worked with this family to set up clear expectations and roles for each family member. This improved the dynamics within this family business and helped them work as a team.
2. Create a Plan
3. Keep Family and Business Separate
Any family business is difficult. Whether you are in retail, the service industry, or the trades, you are taking many risks that could lead to big rewards. However, they could also lead to big problems. To make sure you are taking your family owned business on the path of success, contact the experts at Hubler for Business Families at (612) 375-0640.