A family member
working in his family business was asked the question,
“Why
does your family business exist?”
The response was
a long period of silence, followed by,
“I
never really thought about it. It
was always just here!”
If you were to
stand at the door of your business and ask each family member and non-family
employee that goes in and out of the business that question, how would they respond?
Why is this question so important?
As a business family – Why
does your family business exist?
The definition
of success in a business family may be in the eye of the beholder. The measure
of success must be determined and agreed upon by all in the family and the
business. When family members are able to share their thoughts, hopes, and
dreams in a safe environment, the opportunity to increase family commitment,
business growth, and build a family legacy will increase.
Why is your
family in business together? Is it
just a way to pay bills? Is it to provide employment for all family members
that need a job? Is it to harvest the business and cash out? Is it to build a
family legacy with an entrepreneurial mindset? Is it to build a family legacy?
Is it to pass the business to future generations?
Your family’s
dialogue about these questions may be more important than the answers and can
provide the basis for putting the pieces in place to building a lasting family
legacy. Whether in the Entrepreneurial stage, the Sibling Partnership stage, or
the Cousin Consortium stage, every business family must explore these questions
and determine the needs for the next stage and for the family’s legacy.
As a business
family, take the time and do the hard work dialoguing with your family to build
your roadmap for the success of your family, the ownership group, and the
business management.