A family business is unlike any other entity in the world. The phrase, “it’s only business,” does not apply with a family business because it is more than a business. It is, well, family. It is an entire family’s livelihood, daily routine, and experience all rolled into one financial and emotional bundle. Unlike a corporation, small business, or even a franchise, a family business requires a different amount of patience, expertise, and self-awareness. While a business coach or general expert is a great asset to a business, not all business coaches understand the dynamics of a family business. For this, you need a family business expert.
Management
One of the first areas of interest for a family business expert is helping the members of the business successfully manage their finances and family separately. This is key for a family business to truly be successful. Business is simply business, family or not. While the dynamics of the people involved may be familial, the actual act of conducting business is still for financial gain with the goal of providing service or products to a customer. One of the keys to being able to maintain the business mentality when working with family is to keep home problems at home and work problems at work. This is obviously easier said than done, but with the help of a family business expert, it can be done.
Aside from keeping home and work issues separated, the dynamics of a family need to be separated as well. For example, at home, the roles of father and son are quite clear and have been for generations. However, at the office, the relationship between father and son can take on diverse forms, such as being co-partners or president and vice-president. This means that the professional respect and courtesy one would afford to any upper management team should always be present, even when the ideas of one partner are adversary to the other. Acknowledging this difference can make any business run much more smoothly.
Aside from keeping home and work issues separated, the dynamics of a family need to be separated as well. For example, at home, the roles of father and son are quite clear and have been for generations. However, at the office, the relationship between father and son can take on diverse forms, such as being co-partners or president and vice-president. This means that the professional respect and courtesy one would afford to any upper management team should always be present, even when the ideas of one partner are adversary to the other. Acknowledging this difference can make any business run much more smoothly.
Planning
Planning with a family business also takes on a different meaning. There is no longer the idea of simply selling a business to the highest bidder. The intent with a family business is to create a succession among family members. However, this does not always work as intended. It is important to create an in-depth succession planning in the event that more than one child is involved, no child wants to run the business, or other relatives are involved. This should be constructed immediately and reviewed often to allow for little or no confusion upon the death or retirement of the current owner.
In addition, the business plan must accommodate change. In the beginning, the business plan is often from the mindset of a business owner/entrepreneur. However, as time progresses, the mindset must change to that of a typical business, with the idea of upper management, management, and employees. As the business grows, the business plan must grow as well.
Family businesses are unique in numerous ways, and they deserve to work with an expert that understands this. The experts at Hubler for Business Families have many years of experience working with family business owners and look forward to bringing that experience to your door. Contact them today at (612) 375-0640.
In addition, the business plan must accommodate change. In the beginning, the business plan is often from the mindset of a business owner/entrepreneur. However, as time progresses, the mindset must change to that of a typical business, with the idea of upper management, management, and employees. As the business grows, the business plan must grow as well.
Family businesses are unique in numerous ways, and they deserve to work with an expert that understands this. The experts at Hubler for Business Families have many years of experience working with family business owners and look forward to bringing that experience to your door. Contact them today at (612) 375-0640.
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