Truth be told, getting into family business is a tricky business. There are a lot of technicalities involved, and you need to handle your emotions and manage your expectations. Families that don’t care about these unspoken protocols often end up in skirmishes, or worse, in ruins. But these factors should not stop you from taking this path. Running a family business offers many wonderful opportunities that other careers may not provide.
Below are some pointers that will help you out once you decide to get on board:
Know the Ins and Outs
Your parents may be taking you to work or you visit the plant every now and then. But have you really gotten familiar with how the entire business works? If yes, do you know what to do during contingent times? This is what you need to do; study how the business works — from logistics to finance. That way, you’ll appreciate that it’s not just about business; it’s about heritage.
Know the Key People
Same case as above, you may know some of the people, but have you ever worked with them? Get to know the people of the company — from decision makers to rank and file. You also need to meet the third party suppliers and business partners. So if your family is running an apartment complex business, Real Property Management notes that you might want to get to know the landlord and the property management companies your family has partnered with.
Just because you’re a family member doesn’t mean you’re going to take over the business in an instant, unless, you’re being groomed from the get-go. Otherwise, you need to work your way to the top. Remember, there are other people that are more experienced and more deserving of the post.
Running a family business is not easy, especially if there are a lot of people involved. While you’re training, it would be nice if you find yourself a mentor. They could be your parents or their most trusted managers.