Mentors Magazine: Issue 3

(MENTORSMagazine) #1

are expected to buckle down and grow
what they’ve inherited. Unlike some re-
sumés that are built by strategically jump-
ing from one career to the next, those in-
volved with a family business must find a
way to make things work.

Vision: Nothing is as gratifying as everyone
being on the same page
and pulling in the same
direction. A legacy of
shared values and vi-
sion, coupled with long-
term commitment, is
what transforms those
involved in a family busi-
ness to not simply look
at their own success,
but to also become
stewards for future gen-

2. Treat family members equally.

Seniority doesn’t win; skill and hard work
does. Sometimes the big win will come
from one team member. Other times it will
come from someone else. Don’t limit peo-
ple’s ability to make a positive impact
simply because of age or time with the

3. Empower the next generation.

It is human nature to be resistant to
change. It takes practice to be able to rec-
ognize change and evaluate its opportuni-
ties and drawbacks. That means you have
to allow change while remembering your
roots, your core values, and key business

principles. If you don’t let change in, pro-
gress will never happen.

4. Innovate

There is no overstating how necessary it
has become for businesses to break away
from the clutter. That
takes people who think
creatively to offer a
fresh perspective on
new ideas. Cultivate a
business dynamic that
welcomes innovation...
and the people who in-
spire it.

5. Business is business,
family is family.

Conflict happens in business. You won’t al-
ways see eye-to-eye with everyone. That’s
no reason to ever make it personal (or take
it personally for that matter). Whether it’s
an actual family member or a valued team
member, don’t let business dealings -- no
matter how frustrating -- become a source
of difficulty or resentment outside the

Family businesses aren’t always easy, but
they are most definitely worth it. Appreci-
ate the value each person brings to the ta-
ble, encourage their contributions, and
you’ll see a business that has what it takes
to be a leader.

“Family businesses

aren’t always easy,

but they are most

definitely worth it”

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