Family and business life are often intertwined but also removed. The children see the impact that the business has on family life and how the ‘business parent’ is often at work more than with the family. And children can very quickly build negative views about the family business and being in business.
Active Knowledge Question:
Have you ever reflected on how the children view the family business through their eyes and experiences?
If you are in a family business whether 1st, 3rd or 10th generation, you are hopefully there because you enjoy being in business. You like creating and building something, being your own boss and allowing your entrepreneurial spirit a bit of freedom. There is no comparison between being responsible for your own destiny and working for someone else.
And if you are fortunate enough to be building upon what other family members created, then you also know there is a family pride in the existence and success of the business. It is part of the family and the generational transition which supports the growing family.
I have a strong bias for family business, and I believe they can provide the glue that binds families over generations, create vocations (not just jobs) and deliver economic security.
But we often don’t sell the benefits of family business to our families. We tend to want to protect our children, and sometimes spouses, from the challenges, risks and stress that go hand in hand in growing your own business. We work long hours, we come home and try to not bring any of the business baggage with us, but it’s pretty apparent to everyone who lives with us the pressures we are under.
There are many joys in running your own business, and I believe it is important that we proactively share our excitement, passions and visions with the family and especially our children. It is a way to share not only the reasons why we are in business but to spark their individual curiosity, imagination and entrepreneurship.
They may never end up following in our footsteps but the example we are showing them is to dig deep discover your passions and talents. And to have the courage and resilience, and never let go of your dreams. These are invaluable examples that we can show our children day after day and are far more important than what they can learn in a lecture.
When do you start introducing your children to your business? From the moment they are conceived until you are no longer on this earth.
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All the best in the success of your business,
Richard Shrapnel
