The family business. It is the foundation of the small business world in the US. Approximately 80% of small business are family owned. That can mean brothers, sisters, parents, grand parents, 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:
Yet, it is wonderful being able to:
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.
Call or contact Janna Hoiberg online to schedule a free, initial consultation.
There is no obligation and you're guaranteed to learn a few new things about your business.