Five insights on family and business from a fourth-generation family business member. I am interviewing family business leaders - asking
their advice on developing a family business mastermind. Along the way I am picking up valuable
front-porch wisdom, such as:
- If the current head of the business is dragging their feet on retiring it’s probably because they don't want to. Rather than force the issue, find ways for them to continue doing something meaningful in the business.
- The leader who says he or she cannot take a vacation is full of b.s. No one is that important.
- My relationship with my kids is more important than having them work in the business.
- Encourage your children to follow their own vision, goals and dreams.
- It takes a team to build a successful business. A lone-ranger cannot do it.
2 comments:
Your second point is true. For a family business to bloom, having a good leader is clearly important. However, being in that position of power, the leader should not shoulder the business alone. The family member should understand what their role is and the leader should act as a guide in keeping the family business running.
@Faith Goss
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