Families in Business Need Balance for Success
Description:
When family members work together in a business they need to maintain strong trusting interpersonal relationships. Tips on working in a family business are included.
Content:
Many people dream of running their own business. Sometimes new graduates want to dive right into their own operation. This is especially true in many of the professions.
In a time of downsizing and cutbacks, using the skills from previous employment in a business of one’s own, is also an option. Seminars, books and franchise companies offer advice. Many turn to a lawyer, accountant and bank manager for assistance.
Once a business includes two members of the same family, it is considered a family in business. With a growing number of home based businesses, the involvement of a parent, spouse, child or other relative, can be a practical and economical choice.
Families in business have many advantages. These can include tax benefits, personal trust factors, common goals, familiarity and established patterns of working together. There can also be many pitfalls. These include:
• the inability to separate the business from personal time,
• the roles played in the business may not carry over and be best for well functioning family life,
• conflicts from family life spreading into the business environment, can cause business disruption,
• different levels of commitment and energy can result in jealousy,
• unresolved power and control issues can undermine profit levels.
Keeping healthy family relationships and maintaining a prosperous business requires balance that require both skill and determination. Communicating well, managing stress, resolving conflicts and making wise decisions, are all necessary.
Professionals consulting to families in business, must recognize the impact of the family on the business and the business on the family. Awareness of the dynamics that are unique to this type of arrangement can assist both the client and the professional to create healthy families in prosperous businesses.
Author: Marilyn Barnicke Belleghem M.Ed.
About Author:
Marilyn Barnicke Belleghem M.Ed., has a Masters Degree in Adult Education and Applied Psychology. She consults to families in business on their personal and professional relationships. www.mbcinc.ca
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