Welcome to Emocto family… oh you didn’t know we were a family? -We are. Family then; you don’t pick your family, do you? A set of people you are bonded to by blood, law or commitment and these are the people, out of everyone you could have picked, that you want to start a business with? A scary prospect for some but for others, it’s a business model that will spell success every time.
The separation of the personal and the professional is championed by a lot of successful business owners and yet with the right rules, that mix-up can be just the ticket.
Put Business Relationships in Writing
It will be easy to slip into the casual roles you often occupy socially or in a domestic setting. Much like with chores in the house, everyone pitches in and does a bit in a household. The idea in a business setting is that there are parts to play that should play to people’s strengths and getting that formally in writing makes the component parts of a family business easier to run.
Develop a Succession Plan
You’ll notice many family businesses are decades if not centuries old (still, they all start somewhere!) This means that the entire staff will have changed at some point and as such if you are starting a family business a succession plan needs to be put in place when you either retire or pass away. Squabbles over who is in charge will be resolved simply and quickly if everything is in order.
Trust Outsiders
A temptation will probably be to only employ member of your own family but the truth is outside help should be welcomed as long as the core team stays the same. As the business grows there should be a willingness to change with the times and as such employees should be treated as such with absolutely no playing favourites with your own flesh and blood.
Embody family values
A lot of family businesses often use it as a marketing ploy because there are those who trust in family and see any family business as a wholesome brand. Use that image to drum up customers in whatever way you can and always remain loyal to your own and to the local community with that communal spirit emulating from shop windows.
Lucky for most, that you will likely hold the same core values as a family unit and this is translatable to your company ethos. People are malleable and who doesn’t want to join a team that embodies success, but core values are integral to any unit, be it family or company.
Pick your family
This could mean pick and choose which family members you would like to employ. Make sure they are up to the task because simply being family should not be the only requirement. You need the same work ethic and technical proficiency in whatever your business is and in some regard, there may be better choices than others.
This could also mean, actually pick your family. Isn’t that the essence of family anyway? We choose our partners, and other family members will have been chosen by family members (spouses). Often times children in cases of adoption.
Family qualities that we’re usually bound by which are relatable in business are: core values, similar mindsets, patterns in choices, perhaps even goals. Therefore finding someone who meets this criteria and being able to establish ultimate commitment with the right dose of compromise is key.
