Category:General Business Business Management Entrepreneur Family Business Leadership Management Success In Business
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.