<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
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.

Want additional insight? Download Hiring a Business Coach for Your Small Business now 

DOWNLOAD

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 career planning and 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 and advice can you share for successfully involving the next generation in the family business?

Looking for more information on family-owned businesses? Check out TAB's PULSE Survey on Family Business and see what other owners are saying about the succession planning, talent, and profitability.  

Read our 19 Reasons You Need a Business Owner Advisory Board

DOWNLOAD

Written by The Alternative Board

Related posts

7 Ways to Market your Business for Next to Nothing
Sep. 11, 2020 | Posted by The Alternative Board
Marketing need not be a mystery or expensive. For many business owners who are tightening their belts and reducing expenses, marketing expenditures are often the first to get trimmed. The truth is,...
How to Prepare Your Clients for a Price Increase
Sep. 3, 2020 | Posted by The Alternative Board
Every business must, at one point or another, share what’s viewed by customers as “unwelcome” news—the need for a price increase for products or services. Some businesses simply set the wheels in...
How TAB Helped A Member Grow During COVID-19
Sep. 1, 2020 | Posted by Phil Spensieri
Since the start of the COVID-19 pandemic, many businesses have struggled to survive. But for some, the pandemic has provided an opportunity to thrive. Garden Connections is one of those businesses. ...
The best piece of business advice I have ever received is…
Aug. 28, 2020 | Posted by The Alternative Board
When you’re a business owner, your best lessons often come from two places: failure or wise words from owners who have been there. There are going to be inevitable ups and downs in every enterprise....
10 Creative and Often Overlooked Ways to Find Hidden Money in Your Business
Jul. 16, 2020 | Posted by The Alternative Board
With the strains of rolling shutdowns across the country, many businesses are finding their profits diminished or uncertain. Many leaders are relying on tried and true revenue generating strategies...
9 Tips to Help Create a Living Company Culture in a Virtual Workplace
Jun. 26, 2020 | Posted by The Alternative Board
As businesses around the world have gone virtual, digital tools have helped keep most aspects of our work life functioning. Many businesses are reporting increases in productivity, with activities...
How to Improve Diversity in the Workplace
Jun. 9, 2020 | Posted by The Alternative Board
The U.S. is going through some challenging times right now, but a growing awareness of the value of diversity in business may prove to be of long-lasting value for us all. Though the future is...
Time for a Closer Look – Assess Your Business Practices For The New Normal
Jun. 3, 2020 | Posted by Phil Spensieri
For most, if not all, business owners COVID-19 has proven to be their biggest challenge yet. During the last couple of months, I’ve witnessed, firsthand, the resilience of many business owners...
Help Customers Stay Connected and Loyal to Your Business
May. 20, 2020 | Posted by The Alternative Board
Small businesses have always been challenged to attract and retain a loyal customer base. This challenge has been intensified a thousand times over because of the Coronavirus outbreak. Whatever their...
Ready To Reopen Your Business? Here Are 3 Questions to Consider
May. 5, 2020 | Posted by Phil Spensieri
As business owners, we’ve been waiting to receive the much anticipated “green light” to go back to work. As this day inches closer, you’ll need to devise a plan that addresses how your business will...