Setting Rules In Family Business

Many parents in family businesses could potentially slow the growth of their companies by setting different rules or lower standards for their family members. So, people who are included in the family club should know how to support their business. It is important for parents to set the highest possible standards especially for their family members. This would set a good example for other non-family employees and it will keep them motivated.

By understanding their own responsibility, family members can exemplify existing company values beyond what normal employees may do. In fact, it is quite possible to make family members the most motivated employees on the planet if we could set discipline and quality standards. They may not have the talent and essential abilities, but it is actually possible for family members to bring real results. Parents can work with family members and coach them to work really well in the company.

Setting Rules In Family Business

Parents should make it very clear that they have higher responsibility because they are the “special club” members. Much more are expected from them and they may need to work longer hours and harder. Parents should ask children whether they can meet this high standard and if not, they are not eligible for work in the company. Parents should also make sure that any unresolved problems between siblings, spouse and cousins can be addressed soon.

It is essential for family members to work tightly with one another. If they can’t, then one of the conflicting parties shouldn’t work in the company to prevent accumulated conflicts in the company.

Where family members should be assigned depends on what choices we should make. Sometimes, it’s not about choice, but about placing the right person on the right position. Assigning family members in family business can be a rather complex thing. Parents owe their kids guidance, education and real world training. Working in a family business could be a good coaching program to make them become a more independent adult.

It should be noted that parents don’t always owe their children a job and children need to prove to their parents that they can do the right thing. Business and family relationships can be duelling systems. When they compete improperly with one another, the whole business and family should be prepared for a catastrophe. We could easily find this kind of destructive dynamics that play out many times in different companies.

The point is, it is important to set up our leadership based on ability, talent and motivation. Not all family members have the talent and ability, but they could be motivated enough to try doing the right job. It turns out that that parents who can help their family members to qualify for the business will eventually receive the karmic reward and dividend in the years to come.

It would be very relieving to have a fully motivated family who are willing to the more than standard employees would. So, it is critical for parents to become the best leaders and have the capacity to ensure the growth of the company.

Leave a Reply

Your email address will not be published. Required fields are marked *