Family businesses are fraught with challenges, but those challenges need not overshadow the benefits of maintaining a strong and successful family business. According to the Wright sisters, owners of an event production, design, and management firm in Los Angeles, there are a few important tips to consider when starting a family business.
First and foremost, the family must share a common vision for the business. Having a common desire and motivation will uphold the purpose of the business and further success.
Second, with the boundaries between roles in a work and family environment often blurred, it is important to explicitly designate roles to make sure the business runs smoothly. Those boundaries must remain clear.
In addition to defining boundaries in regard to roles, family businesses must also separate family issues from business dealings. For family businesses to be successful, family issues must be resolved outside of the workplace environment.
Finally, the Wright sisters suggest that you should always put family first:
“Having faith and working hard are both essential when running your own company, say the Wright sisters. But it helps them to focus on the “bigger why,” which for them is building a family empire that creates generational wealth.”