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Janna's Blog Article

Oct 29, 2014

Blood is thicker than water?


Category:General Business Business Management Entrepreneur Family Business Leadership Management Success In Business 
Posted by: actionjanna

The family business; it’s the foundation of the small business world in the US.  Approximately 80% of small businesses are family owned.  That can mean brothers, sisters, parents, grandparents, aunts, uncles and children.  Why are there so many family owned businesses?  One reason – blood is thicker than water.  There is a trust factor that comes with working with family.  I hear laughter from some of you.  Some of you wouldn’t trust your family with a dollar let alone own a business with them.  While that can be true, the reality is even where the family has a trust and verify.  The family business has a set of dynamics that are unlike any other.  Think of your family – what would it be like to work with them every day?  Then, go home each night.  Now I have you thinking…  Yes, that is the joy and challenge of family business.  It is often hard to:

  • “leave it at the office”
  • Ensure there is work/family balance
  • Handle the up and down times of revenue and profit
  • Ignore that irritating habit of the family member when they are always around
  • Yet, it is wonderful being able to:
  • Share the joys of success
  • Have your family understand the business
  • Be able to know the “team” members strengths and weaknesses
  • Work alongside someone you truly like
  • Share ideas and trust them to look out for your well-being.

The list goes on for both sides.  If you are considering starting a family business congratulations – you will love the journey.

What have your experiences been with family businesses?  Are you in one?  Have you done business with one?  Share them with me; I would love to hear the stories.