Imagine this: You run a successful small business – you have surrounded yourself with a great team and things are going well. Your parents start dropping hints that your younger brother needs a new job and he would be a great addition to your business. You are not only a great entrepreneur, but you also have a big heart and welcome him to the team. You have just transformed from a small business into a family business; this is a realm where business issues and family issues become one. A performance appraisal can quickly become a sibling squabble. A management meeting can dissolve into a family Christmas planning committee.
Where businesses tend to be competitive, families tend to be protective. Where business can be objective, family is emotional. And it is these conflicting dynamics that make family business so unique.
If you find yourself nodding along, it will be a relief to know you are not alone. Many of these challenges are universal because the competing dynamics are always the same.
So the first step is understanding your situation.
- What family priorities are at play?
- What are the business requirements?
- What unspoken rules or expectations are changing the attitudes and behaviours of others?
- How much of the family is represented in the business strategies?
- What are your options?
Come along to a conversation about family business. Let us assist you to see the environment so that you can understand your challenges.
FBA is running a two hour introduction to the family business sector. Sector specialist, Mac Hay, will outline the Who, What and Why of this diverse community. There’s something here for everyone – because every iconic Aussie brand started off as a sole trader. Don’t miss the opportunity to learn about the economy’s engine room and how you may well already be part of it.
These sessions are part of the 2015 Small Business Festival in Victoria. Check them out here.