<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=290086984736480&amp;ev=PageView&amp;noscript=1">
Search
word-map-thumb

The Alternative Board Blog

5 Questions to Answer Before Joining the Family Business

May. 12, 2014 | Posted by The Alternative Board Worldwide
bigstock-proud-family-business-partners-15610502


TAB Facilitator/Coach, Phil Spensieri, shares business tips for deciding whether or not you should join the family business. His experience with a number of family businesses has led him to believe that it takes a very special parent-child relationship to achieve success. If you’re thinking of joining your parent’s business, there are some important questions to ask yourself before making a decision.

Family Business Tip #1:   Do you have the right skill set/education?

It is important to add value to the business, not just for obvious reasons, but also to feel like you truly have earned and deserve your spot. If your skill set does not align with the business, the experience may be challenging – either because you’re not engaged (due to a lack of interest) or because you can’t grasp the work.

Family Business Tip #2:   What relationship do you have with your parents?

Critically analyze the relationship you have with your parents. Will the level of respect that is necessary in a professional setting be met? If your relationship is tumultuous outside of work, chances are that will translate in to the workplace.

Family Business Tip #3:   What type of work environment are you looking for?

If you’re looking for camaraderie amongst coworkers and equal treatment, working in the family business may not be for you. As the child of the owner, the company employees automatically see you differently, and work can even become a lonely place.

Family Business Tip #4:   What are your long-term goals?

Do you plan on staying with your family business forever? If so, do your parents plan on having you there forever? Your goals must be aligned with those of your family. If you plan on taking over the business, how long are you willing to wait? Your parent may not be ready to relinquish the business to you as soon as you think.

Family Business Tip #5:   Will you have the autonomy you want?

Are you trusted enough to make decisions and have your voice heard in a family business? It is often easier for parents to undermine the opinions and ideas of a child rather than someone they have a professional relationship with. If you’re looking to have creative ownership and freedom, you must decide whether it exists for you in your family business.

Ultimately, it can be difficult to successfully integrate yourself into the family business. Whether you’re starting from the bottom and working your way up through the organization, or moving right into the corner office, you must understand the risks that come with mixing your professional and family lives. What business tips & advice can you share for successfully involving the next generation in the family business?

Read our 19 Reasons You Need a Business Owner Advisory Board

DOWNLOAD

Written by The Alternative Board Worldwide

Related posts

Aligning Employees to Your Company Culture
Apr. 25, 2019 | Posted by The Alternative Board Worldwide
Every organization comes with a unique culture, a set of agreed-upon values that govern the way the company does business. Some companies are better than others in defining that culture, so that...
When You're the HR Department for Your Business
Apr. 23, 2019 | Posted by Phil Spensieri, TAB York Region
Human Resources (HR) is an area that seems to cause most business owners the highest amount of stress. Unfortunately, without an HR Department, HR issues become the responsibility of you, the...
How to Appreciate (And Retain) Your Employees
Apr. 16, 2019 | Posted by The Alternative Board Worldwide
Any business that doesn’t place a high priority on employee appreciation is likely one that sees a fair degree of employee turnover. Back in the day, simply paying a worker on time—and perhaps...
Can You Have a "Fun" Workplace that's also Productive?
Apr. 11, 2019 | Posted by The Alternative Board Worldwide
Somewhere along the line, the idea of a serious, no-fun-zone workplace became institutionalized among American businesses. For a long time, that meant no intersection between “work” and “fun.”...
What are the Worst Mistakes You Can Make as a Leader?
Apr. 4, 2019 | Posted by The Alternative Board Worldwide
It takes a lot of smarts, experience, vision, intuition and skill to be an effective CEO or business owner. But all leaders must be mindful that their ability to make mistakes—just like everyone...
How Stronger Vendor Relationships Can Spur Growth
Apr. 2, 2019 | Posted by The Alternative Board Worldwide
Vendors may not seem like a high-priority constituency to most CEOs and business owners, but in fact, a strong business-vendor relationship can significantly boost growth. Unfortunately, many people...
Are You Ready For Your Exit?  Creating Your Exit Strategy
Mar. 26, 2019 | Posted by Phil Spensieri, TAB York Region
As a business owner, at some point, you will start thinking about what’s next; very often this thinking results in creating an exit strategy (or exit plan) Many business owners that I work with...
How to get better at Consultative Selling
Mar. 21, 2019 | Posted by Joe Zente, TAB Austin
Over the last year, I have interviewed over 100 salespeople on behalf of our clients.  I asked every one of them at the onset to describe their sales approach or methodology. In over 85% of cases,...
How to Plan a "Pivot Strategy" to Grow Your Business
Mar. 12, 2019 | Posted by The Alternative Board Worldwide
“Failure” is a word no CEO or business owner is comfortable with. But inevitably, failure occurs all the time (in lesser or major ways) in the business world. Small companies can’t get a foothold in...
How to Plan for Your Company’s Expansion
Mar. 5, 2019 | Posted by The Alternative Board Worldwide
Successful business growth doesn’t happen accidentally. While there are times when rapid expansion occurs due to unforeseen factors such as large-scale market changes or shifts in demographics, for...