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How To Make Your Family Business Work

How To Make Your Family Business Work

Everybody has come into contact with a family-run business at some point. Whether it be the local hardware store, a painting and decorating company, or your accountant, they exist in every sector.

There is no better way to pass on a legacy than to pass on your life’s work to your children. Though the questions are: is it really that simple to run a family business, and how can it be successful?

I chose to explore this issue as my sister and I are currently in a similar situation. But please note: though I will use the term family business throughout the article, the advice below applies to both businesses run by family and those run by friends, too.

Why would you want to start a family business?

So you’ve got a great idea for a business and you want to get it up and running, but you cannot do it alone. Who do you trust? Although family and friends may not have the right skills required for the job, there is already an ingrained sense of trust between you. This makes it much easier to share your ideas and research with them, and get started on building your dream. Skills can be much more readily learned than trust gained between two parties, especially at such an early stage in the development of an idea.

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From a different angle, a family business may be exactly what your relationship needs; a common ground that you can both talk about and share to build and develop a relationship that’s been drifting apart. Commercially, a family business also has a certain appeal about it. When you pop down to the local butcher and see “Michaels & Sons” over the door, you feel an instant warmth and connection towards the store. People in family-run businesses tend to value each other, their product, and their customers.

Another way family businesses can pop up is through a shared passion. You may be out having a drink, chatting away, when you both—mildly inebriated, maybe—consider the prospect of going into business together.

Hey, that’s a great idea! Why don’t we just get a little cash together, buy some stock, and just do it? It’ll be fun, and we can do it, no problem!

Many people have had a conversation similar to this but never get round to doing it, or question their optimism the day after. However, if the passion has not faded by the time you’ve recovered in the morning, then this shared motivation may be the perfect way to get the ball rolling. Having someone constantly inspiring you, and making sure you are doing what is necessary, can be a great benefit when starting out. Plus the added responsibility of another party makes the desire to succeed that little bit more important.

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There are also several logistical and financial benefits to family businesses. Family can provide you with low- or no-cost labor, helping maintain the day to day whilst allowing you to concentrate on expansion or development. Also, if ever in need of a short-term or quick loan, family or friends may be able to provide you with a low- or no-interest loan to keep you afloat. However, it is important to be careful with the latter, as these loans can make or break relationships.

What do you need to consider?

Now you have the idea, the hardest part is to put the whole thing into play. This is where the real blood, sweat, and family feuds start to take place. Be prepared for a bumpy ride because starting your own venture alone is a rocky process, and can be exacerbated by the inclusion of close ones. So, here are a few things that you should really consider:

1. Have you worked together before? Whether it be a school project a few years back, or a little charity stall to raise some money for the Scouts, if you have worked successfully and positively with the person before, that can make the whole journey a lot smoother. If you know each other’s traits, the best ways to communicate and delegate tasks, and even have complete faith in one another to deliver, it can be a huge burden of doubt relieved. If you haven’t worked together before, maybe just reflect on the last time you worked alongside someone and the issues you had or the things that worked well, in order to get an understanding of what is best for you all. If you both do something like this and go through the ideas with each other, it can lay the foundation for a healthy working relationship.

2. You clock in, you’re partners. You clock out, you’re family. This is the one that is often the hardest to overcome. In the end, you both have the desire and ambition to succeed with your idea—that’s brilliant. Though sometimes people can start to slack or lose passion. It is crucial to remember that you should be looking out for what is best for the company as well as yourselves. If you have some personal problems that crop up, make sure you highlight these and look for ways to address them: take a back seat and allow someone else to help out, or switch the tasks you do so that you can work more from home.

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However, there can come times when very difficult decisions need to be made, even to the point that considering the resignation of one member of the business, maybe even your own, is on the table. If it comes to this, it is important to highlight that it is not a personal decision and try to prevent damaging the relationship that existed prior to going into business together. This is obviously the worst situation one can be in, and hopefully you will never get into such an extreme position.

Fortunately, conflicts can often be resolved, depending on the relationship, and the ability to have such a lenient working environment can be very useful. For example, you could arrange between you flexible times of work that allow you to attend your weekly Pilates class, or pick the kids up from school.

3. Keep your finances in check. Everyone may be raring to get involved, and be adding to the investment fund to get the idea’s blood pumping. Make sure you consider not only the future of the business, but the future of yourselves. Where do your finances look to be six months, two years down the line? If the situation does not look good, then someone should probably consider a stable income external to the venture. By removing the burden of financial security from the venture, it allows for riskier growth strategies, greater flexibility within the company finances, and most importantly, peace of mind.

4. Take a break. You may be the best of friends, but there are going to be times when you need a break from each other. This is vital to retaining a healthy working and personal relationship. Perhaps schedule days where only one of you is in the office, or take a weekend away, refraining from all business calls and emails. Not only will this further develop the trust in your partner to lead and manage the venture, but it will also give you a break from each other and allow you time to reflect on other areas of your life. As much as you may enjoy the risk and reward of a venture, there are other areas of your life that need some attention, too.

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Now that you have done your homework, it is time to crack on with writing that business plan, and launching your idea. I wish you the best of luck with your endeavors, and would be pleased to hear any stories of attempts and—hopefully—success!

Featured photo credit: ThinkStock via i.huffpost.com

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Kerim Hudson

Unemployed

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Published on September 17, 2018

17 Ways to Ace Your Next Phone Interview And Land the Job You Deserve

17 Ways to Ace Your Next Phone Interview And Land the Job You Deserve

There is one thing standing in the way of you and the job of your dreams: a phone interview. The screening interview is an opportunity for companies to narrow the list of presumably qualified applicants and determine who merits a closer look.

So many candidates exclude themselves from the phone interview by being unprepared or by failing to take this screening session seriously. A phone interview should not block you from living the life you have always imagined.

Here are 17 tips to help you ace your next one:

1. Clear the deck.

If you are reading this blog, you are likely busier than you would prefer or even imagine. Even when you schedule or accept phone interviews, they are likely sandwiched between meetings.

To show up fully present, energized and engaged, I recommend you clear the deck and give yourself at least an hour of uninterrupted time before and 30 minutes following the interview.

You can use the time to mentally prepare, develop a list of questions, rehearse answers to likely questions and ensure you are comfortable and ready for the interview.

2. Look the part.

It is no secret that we perform better when we look and feel the part. If you have a phone interview, dress up for the interview, if dressing up is comfortable and allows you to put your best foot forward.

Even though you will likely do the interview from home or a private location, be sure you are dressed professionally. This will allow you to be fully engaged and present.

In the event, the interviewer asks to connect with you via Zoom, Google Hangout or Skype, you will be prepared.

3. Resend your resume and cover letter prior to the call.

As a courtesy, resend your resume and cover letter prior to your screening interview. You never know if the person interviewing you has had a busy day or if a schedule change forced him or her to work from home rather than the office where the individual has access to their files.

There have been many times in my career where a last-minute change or a mix-up with support staff has left me scrambling at the last minute to find a candidate’s resume. It is quite embarrassing to misplace a resume and ask the interviewee to resubmit it.

You can save the interviewer the trouble and earn extra points by resending both documents in advance of your call. A simple message will suffice, such as “I am looking forward to speaking with you in an hour, and I am resending my resume to ensure it is at the top of your inbox.”

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4. Research the interviewer.

Once your interview is scheduled, be sure to research the person facilitating it.

You will want to Google the person and check their social media accounts. When you research the interviewer, try to get a sense of the individual’s personal and professional interests.

Once you identify those interests, acknowledge them in the interview, but do not dwell on them, because you do not want to make the interviewer uncomfortable. Follow his or her lead. If the interviewer indulges your questions or comments, by all means, continue the conversation.

I am always impressed when someone I am meeting with takes the opportunity to learn something about me ahead of time. This projects interest, which is important in my line of work.

5. Research the company.

In addition to researching the interviewer, be sure to research the company.

Ask people in your network if they know anyone who works or has worked for the organization in question. Conduct a Google search on the company, and be mindful to look beyond the first page of the search query.

If there are yelp reviews on the company, be careful to review those and look for trends as well as how recent the reviews were posted. While more recent reviews are obviously cause for pause, older reviews – depending on their nature – could be problematic as well.

6. Check the staff listing or “About Us” section of the company’s website.

Part of your research into a company is assessing whether you know staff or board members who are connected with the company.

Most organizations list their staff or board members in the “About Us” or “Our Team” section of the website. Prior to a phone interview, check these sections to determine whether you know someone who works for the company. If you do, reach out to that person to request a phone interview to learn more about the company.

7. Remember interviewing is a two-way street.

As much as the company representative wants to learn about you as the interviewee, you will want to learn about the organization.

Try to ferret out information on the company, the job for which you are applying as well as the manager to whom you would report. You will also want to ask questions to assess the interview process.

Additionally, because culture is important and will permit or slow your ability to do your job, ask questions to assess company culture, such as “What do your employees say they like most about working for your organization?” “What do employees say they like least?” “What do you do to create and maintain a healthy workplace culture?”

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8. Develop questions prior to the interview.

Prior to your interview, develop a list of questions about the company, the position for which you are applying, growth opportunities in the company, the ideal candidate for the position, and so forth. This will save you the trouble of thinking of questions on the spot during the interview.

I have found that once I become nervous, it is a lot harder to come up with questions on the spot, and interviews can be anxiety-producing without preparation.

9. Stand during the interview.

I train leaders and, incidentally, graduate students to become spokespersons.

I recommend that they stand during media interviews. I find that it helps the person speaking to project better, and it reduces the urge to get too comfortable in an interview setting and say something that could be too informal.

Similarly, I recommend interviewees stand for at least a portion of their phone interview.

10. Allow the interviewer to talk.

While it is essential you ask questions during an interview, you should not dominate the conversation.

Most people love talking about themselves and the company they represent, and it is your job as the interviewee to walk a fine line between allowing the interviewer to talk and interspersing questions when and where appropriate.

I am not suggesting you remain silent – you want the interviewer to learn about you; but you should ensure that the interviewer has ample opportunity to do what most people do best: talk about themselves and their work.

11. Refrain from multitasking.

We all live hurried lives, and most of us have to-do lists that are impossible to complete.

When we have multiple due dates and obligations, it is typical to want to avail oneself of every seemingly free moment of time.

When conducting or participating in a phone interview, be as present as possible. This means refraining from multitasking, which could mean responding to emails, text messages or social media messages. It could mean researching the company during the interview.

Whatever multitasking means for you, simply do not do it, especially during a screening interview.

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12. Conduct the phone interview in a place where there is minimal noise.

A common thread throughout this post has been that most of us live busy lives. So, it is natural to be on the go.

If you have the luxury of conducting a phone interview from home or a private office where there is minimal noise, do so. You may also rent a co-working space or ask a friend if you can borrow his or her office.

Whatever you do, select a place where there is minimal noise and distraction. The person interviewing you should not have to strain to hear what you are saying or compete with ambient noises.

When I am interviewing a candidate and competing with background noise, I grow frustrated and my focus can shift from getting to know the person to silencing the noise. Do not force your interviewer to choose.

13. Be punctual.

Do not leave the interviewer waiting. This is both rude and unprofessional, and it may count against you.

If you are able to follow my earlier advice and not schedule meetings within an hour of your phone interview, you should have no time being prompt for your discussion.

If you foresee that you will be late, be sure to give the interviewer a heads-up at least 15-20 minutes prior to the start of the call.

14. Focus on how you can and will help.

Let’s face it: people are naturally self-interested.

When you walk into an interview focused on what you can bring and how you can solve a hiring manager’s problems, you will set yourself and your candidacy apart.

Think about the challenges you could potentially solve and then share how your joining the team will benefit the company, not just you.

15. Take the interview seriously.

Do not assume you will have an opportunity to meet face to face with company representatives. Do not discount the weight that may be placed on phone interviews.

I once applied for a position on the East Coast while living on the West Coast. While my first interview was face to face, my interview with one senior leader was over the phone. I walked into the interview thinking it would be less intense than it was.

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From the moment the leader got on the phone with me, I was on my toes. I had to quickly recalibrate to handle the intensity of the questions lobbed on me.

To this day, more than six years later, that phone interview remains one of the most difficult interviews I have ever had. Fortunately for me, I was offered the job, but the experience still stands out as a learning lesson.

16. Send a thank-you note.

Kindness is underrated. We live in a society where most people are overscheduled and overbooked.

When faced with intense pressure, it can be easy to underestimate the role of kindness. But when someone shares a portion of the day with you by granting you an interview, you owe it to that individual and to yourself to send a thank-you note following the interview.

The note can be via email, a standard letter or a card. So few people do this that those who do stand out.

Become an individual who remembers this gesture of kindness and professional courtesy.

17. Be positive.

Energy really is contagious. If you don’t believe me, consider locking yourself in a room for one hour with people are upset. By the time you leave the room, you will be upset right along with them. It is natural to mirror the other person even if you do not realize you are doing it.

During your next phone interview, mirror positivity, both about the position, the company and most importantly, your skill sets. The interviewer will pick up on your energy and positivity and that will reflect favorably.

I cannot tell you how many times I have interviewed candidates who communicated no excitement or enthusiasm. Getting through the interview was difficult, not to mention, I kept thinking about what it would be like to work with the person daily.

Being positive not only helps you feel better, it helps the person interviewing you as well.

If you have read this list and want to add other tips, please tweet the link to this article and include the point you believe I missed. Use the hashtag #AceIt when you reach out.

Featured photo credit: Unsplash via unsplash.com

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