One of the interesting things that come up often when I speak about The 3 Laws of Empowerment (www.rshawnmcbridelive.com), or business planning, is, “How do we deal with family dynamics? What makes these businesses different? How do the 3 Laws function differently in a family context?” I think one of the most interesting issues in dealing with family businesses is the fact that we don’t have the same separation. People often go home, or spend holidays or weekends with each other in ways they don’t in typical businesses. This causes a stress or a strain in the business.
Because of this, we need to build different procedures. We need to have separations. Some people may want to separate time, and say, “This is office time, and this is personal time.” On holidays or weekends, they may want to prohibit business discussions. Families also know each other’s personalities very well. They may interact differently in the business, so we want to start building procedures for that as well. We want to make sure that we take in account of each other’s unique personalities, but don’t allow family members to operate in a non-professional way when interacting with employees. Because of that closeness of the family, you need to make sure they don’t alienate employees.
Hiring, recruitment, and advancements of employees are yet another challenge for family businesses. The family business needs to make sure that they’re clear that the employees are being treated based on merit. Otherwise, they could lose some quality employees who think they’re not being treated correctly.
What are your thoughts on family businesses? What has your experience been? Have you had success? What have you done differently in your family business? Let us know in the comments below. We look forward to hearing from you and discussing.
This posting is intended to be a tool to familiarize readers with some of the issues discussed herein. This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. This article should not be treated as legal advice to any person or entity. Freeimages.com/Photographer
About the Author
Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. He is a frequent speaker at events. His signature keynote, The 3 Laws of Empowerment, gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can reach R. Shawn McBride at firstname.lastname@example.org or (214) 418-0258.
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