Having the opportunity to join a family business can be a dream come true or quite the opposite, a horrible nightmare. What I find is true for many children involved in family businesses is that they wished they’d done more “due diligence” before they came on board.
Some children feel lured by their parents to join the family business, and perhaps shortchanged because they were never able to realize their own dreams. Many children blossom under a parent’s tutelage, while others wither. Family dynamics can be significantly affected as well; some families grow closer as a result of working side-by-side, and others get torn apart.
The tips presented below are meant primarily for children who aren’t yet working at a family business, but they can also provide some food for thought for those who’ve already made that leap. Next month’s blog post will look at this issue from the parents’ perspective.
Before you join your family’s business, ask yourself some important questions:
If after some soul-searching, you decide to join the family business, be sure that transparency is maintained at all times. You also need to create boundaries, for instance, calling your parents by their first names rather than mom or dad.
Since your non-family colleagues will likely think you have an “in” with management, you have to work hard to show them you have to adhere to the same requirements they do. If you are named the heir apparent, it’s even more important to gain respect, ideally by starting at the bottom and working your way up via your accomplishments—not your name.
If you could ask a marketing expert ANYTHING to help grow your business, what would you ask?
You get the chance next week. On July 10th at 1:00PM Eastern/10:00AM Pacific we are going to have an open Q&A session where we address your top small business marketing questions:
What is your burning marketing question?
Sign up here (and you can also submit your question here in advance to jump to the head of the queue!)
I am looking forward to creating a summer surge in your marketing!