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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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Last Updated on November 5, 2018

20 Best Places to Work for a Great Career in 2018

20 Best Places to Work for a Great Career in 2018

Looking for a job? There’s no doubt to the fact you will want to work with a company that appreciates you for who you are.

Well, good news. The labor market today is one that has peened up with more opportunities for advancement and personal employee improvement. This is partly due to the fact that a lot of companies have been made to understand the value of their biggest assets: the employees.

To wit, here’s a list of companies- across a wide array of industries- that have been able to develop working environments that are healthy and accommodating to workers.

Take a look at these 20 best place to work for a great career:

1. Salesforce, San Francisco, California,

    Salesforce is in the information technology business and the company ranks highest due to their commitment to learning and innovation. They are ready to try new things and everyone with a new idea is always welcome to share it at the company. The company has also been known to exhibit an exceptional approach to alignment.

    Find out more about careers in Salesforce

    2. Wegmans Food Markets Inc.,Rochester, New York

      Based in Rochester, New York, employees have been known to enjoy a sense of purpose from working here. The company has been able to achieve an optimal level of engagement across all working tiers and they’ve been able to achieve great things together. They even do deliveries.

      Find out more about careers in Wegmans

      3. Ultimate Software, Weston, Florida

        Employees get amazing benefits here but that’s not the only reason why this place is so awesome to work. Whenever there is a need or a death of an Ultipeep or any of other family members, the company shows love and support like no other.

        Find out more about careers in Ultimate Software

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        4.The Boston Consulting Group, Inc., Boston, Massachusetts

          Development is at the center of anything that goes on here. The business is about people and employees are the company’s biggest asset. Employees are able to challenge the status and also leave impacts on clients.

          Find out more about careers in The Boston Consulting Group

          5. Edward Jones, St. Louis, Missouri

            Edward Jones is admired for their ability to acknowledge history without being mired down by it. The company builds on a solid foundation but there is also a level of flexibility that allows for innovation.

            Find out more about careers in Edward Jones

            6. Kimpton Hotels and Restaurants, San Francisco, California

              Kimpton is a trendsetter in the hospitality industry. The company always strives to try something different and that perspective is welcomed there at all times. Enjoy the weekends with luxury rooms, conformable mattress, furnished and well dressed service staff. A great opportunity for job seekers.

              Find out more about careers in Kimpton Hotels and Restaurants

              7. Workday, Pleasanton, California

                Newbies will find no issues with feeling welcome and at home here as this has always been a core culture component of the IT giant. Everyone is treated like family and this fosters a sense of oneness.

                Find out more about careers in Workday

                8. Genentech, South San Francisco, California

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                  Here, employees are encouraged to be themselves. There is a feeling of care, safety, and acceptance that you get here that you can’t get at many firms. The development of an all-inclusive environment has always been foundational.

                  Find out more about careers in Genetech

                  9. Deloitte, New York, New York

                    Deloitte is one of the biggest professional service providers in the world, noted for their focus on constant learning, development and improvement. They invest in their employees and are concerned about their well being.

                    Find out more about careers in Deloitte

                    10. Baird, Milwaukee, Wisconsin

                      Baird is a financial services provide that is known for adopting a “no asshole policy’ which guides the way people relate with and respect each other, regardless of their position on the company’s hierarchy.

                      Find out more about careers in Baird

                      11. Quicken Loans, Detroit, Michigan

                        At Quicken Loans, the views and opinions of everyone are respected and heard. The organization is revered for the amount of investment they put in their team members and everyone looks for ways to grow and be better.

                        Find out more about careers in Quicken Loans

                        12. Capital One, Mclean, Florida

                          Capital One has adopted a culture that encourages employees to take risks and try new things. They foster a healthy work-life balance and associates are challenged to live better lives.

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                          Find out more about careers in Capital One

                          13. Cooley LLP, Palo Alto, California

                            Cooley LLP is a law firm known for their ability to care about the company culture and being able to develop a working environment that is empowering and fun. Cooley is known to go for the best when it comes to their employees, regardless of the occasion.

                            Find out more about careers in Cooley LLP

                            14. Southern Ohio Medical Center, Portsmouth, Ohio

                              The medical center has been known for their propensity to delegate so much to their employees, thereby providing them with the ability to grow and learn on the job. In the end, you get a workplace that is all-engaging and super fun.

                              Find out more about careers in Southern Ohio Medical Center

                              15. American Express, New York, New York

                                American Express is a firm that celebrates wins, no matter how small. Everyone is made to share the same attitude towards service and the people they are to serve, thereby making people care about what they do.

                                Find out more about careers in American Express

                                16. Adobe Systems Inc., San Jose, California

                                  The culture at Adobe Systems is one that encourages employees to develop their own ideas and get a strong viewpoint. As opposed to encouraging competition, work-life balance is fostered everywhere here.

                                  Find out more about careers in Adobe Systems Inc.

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                                  17. The Cheesecake Factory Inc., Calabasas, California

                                    The Cheesecake Factory rewards dedication and hard work. Promotions come pretty easy, and there is always space for guidance to develop your experience and skills.

                                    Find out more about careers in The Cheesecake Factory Inc.

                                    18. Sap America, Newtown Square, Pennsylvania

                                      If you’re looking for a new career path, SAP might be the best bet for you. The company is adept at recognizing value and transferable skills. And you can always look for a new path while maintaining your employment.

                                      Find out more about careers in Sap America

                                      19. NVIDIA Corporation, Santa Clara, California

                                        NVIDIA is known for looking after even the smallest of things. With even a “pets allowed” policy this company accepts you for who you are, and helps you to work within your personality. Advancement is also fostered, and you are able to collaborate effectively.

                                        Find out more about careers in NVIDIA

                                        20. KPMG LLP, New York, New York

                                          Communication and progressive collaboration are the foundation of this company’s workforce treatment. Regardless of the level you are, someone is always at the ready to help and the company rewards extra effort with gratitude.

                                          Find out more about careers in KPMG LLP

                                          All in all, it’s safe to say that you will be able to find somewhere to apply your skills (whatever they are) that is all inclusive and highly accommodative. Companies today are being made to understand how much they can get when they treat their employees right and this has opened the door to an encouraging work environment for all.

                                          Happy job hunting!

                                          Featured photo credit: Pexels via pexels.com

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