There is a right business and a wrong business for you, and it is important that you understand what makes that difference. And through this understanding your ability to work effectively in the family business will be enhanced manyfold.
Active Knowledge Question:
In your family business, are family members encouraged to search out new business opportunities, and to build them into vibrant, successful businesses?
In family businesses, there is often an unstated assumption that the new generation will step up and continue the work of the current generation.
They will join the family business and serve the family in a role that has been selected for them. They will continue the business that has already been established and continue to run the business in the same way. And at times, there can almost be a view in the existing generation, that they are providing jobs to the younger family members and they should be thankful.
While there can be merit and strength in inducting new family members into the existing business, this approach will not suit every family member, does not necessarily allow for change and for family members that have a strong entrepreneurial spirit, may force them to leave the family business.
The future prosperity of the family and its businesses rests solely with the future generations. And nurturing their capability to grow future businesses should be the sole goal when bringing new family members into an existing business.
For every person, there is a right and wrong business for which they will be suited— suited to lead and suited to make a success. It’s like the square peg in the round hole. You can’t force a family member to be passionate about a business and invest themselves in making it a success if they have no real interest in that business. And by interest, I mean a passion for what the business entails as distinct from simply an opportunity to make money.
So in introducing new family members into an existing family business, it best viewed, by everyone, as an opportunity to gain experience and to be part of the family, as hopefully, the business is part of the family and not some separate activity restricted to a few.
And each new family member will bring new talents to the business which should be explored and encouraged. And as they grow and learn it may well be that they discover what is the right business for them and step into that business and make it a success, with the support and cheering of the entire family. As the future rests in their success.
An entirely new level of performance.
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All the best in the success of your business,
Richard Shrapnel
