The mom-and-pop store is a recognizable business model, and owners proudly showing off their family-owned business’s status. A lot of these businesses have been growing and flourishing for many years. Other businesses it’s not as much.There remain a lot of myths surrounding working with families. A few people don’t understand how you can be able to work with family members without getting in a dispute or even worse. They’ve also been through terrible experiences with family-owned business designs that went under. But I’m sure from my personal experiences that working with families is rewarding, encouraging the growth of your company and preparing you for success in the future. If you’re doing it correctly it will be. Here are some tips I have for you on how to get it done.
GET CLEAR WITH EACH OTHER
There’s no guarantee to get along with your family I believe that the objective is to stay in an intimate relationship even when things don’t go according to plan. This starts with an open and honest communication. Discuss it with your partner. the issue, making sure that your short-term and longer-term goals match with one another. Set your expectations and have these in writing, exactly like you would in an employment contract. Provide job descriptions and details of the payment and a timeframe to assess the relationship and determine whether you’d like to continue. Include a plan should you choose to break off in order to ensure the transition is amicable that takes place over an acceptable time. Do you think this is to formal enough for a family agreement? It’s not. One of the advantages of having a family member around is that you already have a an established relationship of trust with the people you work with. However, that trust relationship can be a source of confusion for personal and professional. It can be challenging to handle concerns in a professional way. By writing it down, you establish an atmosphere of and respect for you. If you simply wing it without expectations, it’s likely be a part of the same.
VALUE THEIR CONTRIBUTIONS
Do not hire family members just for the sake of convenience. Instead, look for them to be a source of mutual benefit. Everyone brings a unique set of talents and characteristics in the workplace. Make sure to acknowledge the importance of your family’s contributions , and treat them like the experts they are. Our wife Jeanette and I have worked together for many years. She’s now the CFO at Tint World, and the professional aspect of our partnership has been forged because we’ve defined our roles. We’ve aligned our work to our skills and our passions and we enjoy keeping our paths clear. We don’t instruct each other on how to perform our tasks. It’s a mutual respect relationship where we’re both appreciative of each other’s abilities. We recognize the value of these talents, and it keeps us in a positive working relationship. Another way to appreciate your family’s business associates is to compensate them for the amount they are worth. If you view the family members of your relatives as laborers who are cheap is a mistake. At first when you’re growing your enterprise, it could be more convenient to collaborate with your family members on the assumption they’re paid less but your family members would like to be paid the same as any other employee. If you’re beginning small and you’re planning to expand, think about growing with your family.
PLAN FOR THE FUTURE
I know many who start their own company or franchise with the hope of passing it down for their kids. 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 role, I’d aid them in that transition. However, that’s not all the business that the future of your family can be able to count on, as there are plenty of factors to consider. Your child must desire the business you run, “get” your business and be able to managing your business effectively. Planning for succession is essential however, you should allow for a variety of possibilities. Create a succession plan that is able to be flexible based on the situation. It is important to develop your business in the sense that it’s time to sell. Set up two or three alternatives in place to ensure your kids aren’t the only way to go.
KEEP FAMILY TIES INTACT
There’s plenty to benefit from starting a the business world with your partner or family members. However, there’s a lot you can be lost if you make wrong. If you’re thinking of starting an enterprise that is owned by a family member, make 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 Your family and you can create something amazing together. Begin strong, be smart and never forget the things that really matter.
Charles Bonfiglio is president and director at Tint World, a provider of residential, automobile commercial, marine and residential window tinting, as well as security films. Tint World has Automotive Styling Centers in the U.S. and abroad, each franchise is home to around 20 profit centers. They range from installation of accessories in the store to sales and installation off-site.
