Owning a family business can be a great and powerful thing. The feeling of success from landing a new customer and knowing your family is taken care of is immeasurable. At the same time, we all know the interpersonal struggles that come from working directly with family members. It can be a real challenge to stay completely objective when it comes to dealing with family members, both positively or negatively. It’s vital to be aware of the pros and cons. The content and related articles in this blog will help you manage the ‘ins and outs’ of a family business.
The first thing you have to do is study how other family businesses have worked in the past. Maybe you know that you want to leave the family operation to your children. Maybe your parents left you the business and you don’t know where to turn or who to hire. Whatever the case, some reading and deep thought exercises must be done.
Entrepreneur.com
Whether you choose to read this magazine online or in print, it offers some of the best business advice around. The same is true for advice on family business. Entrepreneur says that there are several considerations to take when it comes to mixing family and business. Discipline, planning and the recognition that family relationships are fragile, are going to be your biggest key considerations. From selecting a leader from your family, to taking criticism and even ‘letting someone go’, Entrepreneur has it figured out.
No matter what kind of business information you’re looking for, there’s a great chance you can find it from this source. Try reading some of their article with your family! Understanding and communicating about real life issues with your family and associates will bring you closer together.
Family Business Books
Family Business Sourcebook has grown in the family business field. Is it one of the most comprehensive sources of answers to complex family & business issues. Although it was first published in the early 90’s, it has seen several editions but is still relevant today. The 3rd addition, most recently revised, definitely deserves a spot on the shelf of your family business.
Family Business Sourcebook III contains nearly 100 articles from more than 30 organizations, organized into more than a dozen topics. It incorporates the best thinking and writing on topics including succession, ownership, taxes, strategic planning, professionalizing your company, conflict, family relations, company values… and SO much more. In addition to those amazing articles, other authors chime in as well: Steve Forbes, Samuel C. Johnson (of Johnson’s Wax), top professionals like Arthur Anderson’s family business expert Ross Nager, attorney Roy Adams, and pretty much every other family business leader and researcher.
All of these great business leaders combine to bring you an extraordinary amount of knowledge, guidance and a unique overview of the family business field.
CEO Magazine
Another incredible source of information is CEO Magazine. This publication is easy to find online and useful in any professional circumstance… but for this blog, we also found some great content regarding family business. In a blog from 2016, they point out the fact that one of the biggest hurdles of family operated companies is “assuming that your family is as committed to the business as you.”
Unfortunately I’d presumed the family would want to join me on this venture but with no structure I sold the business within 18 months.
Using real-life examples, this blog goes over various situations that you face with your family. All of these lessons are directly applicable to the sanitation industry as well.
Family First
Obviously, this is just the tip of the iceberg when it comes to useful, insightful information for your family sanitation business. There are countless sources that you’ll find beneficial… thank you Google. The point is, operating a business with your family comes with its own unique set of challenges. At the same time, working with your family has the potential for the highest reward.
Remember, businesses come and go, but family lasts.