Family-owned businesses pose unique challenges
With a regular job, you can leave work at the office. However, when your coworkers live under the same roof, or are related to you, work and family issues can become intertwined. Your childhood relationships with siblings, parental interactions, self-image and generational thought processes all affect relationships in a family business. Author, speaker and family business consultant Janna Hoiberg outlines some stumbling blocks to success.
Boundaries: The challenge family businesses sometimes face is a potential total absence of boundaries: Work is done at home and personal issues are often addressed at work. The blur becomes contentious, depriving family members of a place of solitude and escape. In the end, the family always suffers.
Illness/Contingency Plans: In the journey of life, situations occur that impact our ability to focus on life, let alone business. Emily worked in a manufacturing business with her immediate family. They had about 10 additional non-family employees as well, but the greatest responsibility for running the business fell on the shoulders of the family. When Mom was diagnosed with cancer, the disease took its toll on everyone. They no longer cared about delivering orders, servicing customers, selling product or growing the business. They wanted to be at her side during the last weeks and months prior to her death. That is exactly where they needed to be, but the business could not run without the family. No plan had been put in place to allow for the entire family to essentially be unavailable for weeks at a time. Orders weren’t being filled, deposits weren’t being made, and materials weren’t being ordered.
Marrying Into the Business: Your spouse’s family business has been around for years and your skill set matches specific needs within the family business. Now for the challenge: You are part of the family, yet you are still the in-law. Should disputes arise (OK, when they do), too often you are left standing on the wrong side of the family tree. No matter how much your spouse understands your opinion, there is always the question of support.
Rather than ignore the possibility of encountering challenges in your family business, create a scenario and a contingency plan should something arise. Protect your business, but don’t forget to protect your family as well.
Learn more at “Charting the Next Generation Family Business” presented by Janna on Friday, March 10, 2017, at The Lutheran Home: Belle Plaine chapel. The public is invited, free of charge. For more information or to RSVP, contact Kristin at krwerner@tlha.org or (952) 873-4744.
Janna Hoiberg is a renowned international speaker, workshop facilitator, family business specialist, and author who has personally led thousands of business owners to success and inspired thousands more during the course of her 35-year business career.