Family-owned businesses are arguably the most enduring and universally recognized institution in history. From small mom-and-pop shops to multi-billion-dollar businesses, those of us elbow deep in the concept know one thing: family-owned companies embody stability, longevity and a dedication to the value of family.
Robert and I started Boris Benic and Associates over 25 years ago. Since then, my son, my nephew, and my wife have joined the firm. And Robert’s son, who’s currently an accounting major, may also join us after graduation. New clients and colleagues are often interested to learn how we manage, and curious to know if our family dynamic remotely resembles that of the fictitious Ewings. While we are most definitely not the Ewings, we certainly have our differences and disagreements. Ultimately, though, we know we’re all working towards the same goal. Here’s how we make that happen…
- Treat everyone as if they are part of the family. Treat everyone in a way that lets them know they’re important. Thank them often for the work they do, and encourage them to be unafraid to make mistakes and ask questions. A safe, nurturing environment helps establish a work family that cares for the company as much as you do.
- Be open-minded and close-mouthed. Young adults entering the family business need to be open-minded, humble, and respectful. While they may have picked up many a tidbit about the company from various family gatherings throughout the years, they can still learn plenty from seasoned employees. Don’t enter the business as the person trying to fix everything right away. Take the time to listen and learn from the people who have been there.
- It’s not for everybody. Conflict is bound to happen at any firm. Office politics in family businesses, though, are further complicated by the family dynamics that come with a long history and familiarity. If you fear it’s impossible to set clear boundaries within the workplace, it’s best to pass on the opportunity to work with family. After all, deep-seated, long-lasting differences will eventually affect everyone, and may even draw divisive lines.
Incorporating family into the company fold has its pros and cons. At Boris Benic and Associates, we see the shortcomings as marginal and the advantages as supreme. The best thing about being in business with your family is knowing they’ll always have your best interests at heart – because your best interests are the family business’ best interests.
Visit the Boris Benic and Associates website to discover each family member’s role in our firm