The mom-and-pop store is a well-known business model, and customers proudly displaying their family-owned company’s official status. Many of these companies have been growing and flourishing for years. Other businesses they haven’t as much.There are still plenty of myths surrounding working with families. Many people are unable to imagine how to collaborate with your family members without getting in a fight , or more. Some have experienced terrible experiences with family-owned business designs that went under. But I’m sure from my personal experiences that working with families can be rewarding, helping to boost the growth of your company and preparing you to be successful in the future. If you’re doing it right this is. Here are some of my suggestions on how to get it done.
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GET CLEAR WITH EACH OTHER
There’s no guarantee to be a good family member however, in my opinion the objective should be to maintain the same relationship, even if the relationship doesn’t go as planned. This starts with clarified communication. Talk about the issue, making sure that your short-term and long-term goals are aligned with one another. Set your expectations and have the agreement in writing, much like you would in an employment contract. Incorporate job description, payments and a date to review the relationship and determine whether you’d like to keep it. Make a plan for the event that you decide to end your relationship in order to ensure the transition is amicable that takes place over an appropriate time frame. Does this sound excessively formal to a family agreement? It’s not. One of the advantages of working with your family is that you already have a the trust of the people you work with. However, that trust relationship can be a source of confusion for personal and the professional. It can be challenging to handle problems in a professional manner. Writing it down establishes an atmosphere of trust between the two of you. If you simply wing it without expectations, you’re likely be a part of the same.
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VALUE THEIR CONTRIBUTIONS
Don’t employ family members solely to make you feel comfortable. Instead, you should hire them to ensure mutual benefit. Everyone brings their own set of talents and qualities that they bring to the table. Make sure to appreciate your family’s contribution and treat them as the experts they are. Our wife Jeanette and me have been working together for many years. She’s now the CFO at Tint World, and the professional aspect of our relationship is a result of us defining our roles. We’ve aligned our activities to our skills and our passions and really enjoy keeping our paths clear. We don’t dictate to each other how to perform our tasks. It’s a respect-based relationship where we’re both appreciative of the talents of our fellow colleagues. We recognize the value of the talents of others, which makes it easier to maintain a healthy working relationship. Another way to appreciate your family’s business associates is to give them the amount they are worth. If you view the family members of your relatives as laborers who are cheap is a mistake. At first as you grow your enterprise, it could be more convenient to collaborate with your family members on the assumption the fact that they’re getting paid less however, your family members would like to be paid the same as any other employee. If you’re beginning small consider a plan to grow together.
PLAN FOR THE FUTURE
I have friends who have their own company or franchise business with the hope of passing it down onto their own children. My two children have worked at Tint World headquarters, and when they were younger, if one of them demonstrated the motivation and capability to take on my position, I’d aid them in that transition. But that’s not the only thing business that the future of your family can consider because there are many factors to consider. Your child should be interested in to run your company, “get” your business and be able to managing your business effectively. Planning for succession is essential but you must allow to consider a variety of options. Make a plan for a succession that could be flexible based on the situation. It is important to create your business with the mindset that it’s ready for sale. Make sure you have two or three options in place to ensure your kids aren’t the only way to go.
KEEP FAMILY TIES INTACT
There’s a lot you can benefit from starting a the business world with your partner, or with other family members. But you could also be lost if you make wrong. If you’re considering establishing the family-owned business, be certain to prioritize family. If you don’t do this, you’ll cause more harm than just your finances. With lots of respect for each other and communication, as well as clear expectations You and your family can create something amazing together. Start strong, do your best and remember what is important.
Charles Bonfiglio is president and director at Tint World, a provider of residential, automobile commercial, marine, and residential window tinting, as well as security film solutions. Tint World has Automotive Styling Centers in the U.S. and abroad, each franchise has around 20 profit centers. They range from accessory installation in the store to offsite sales and installations.
