Who will pitch in on difficult projects, sometimes without pay?
Who will tolerate being underpaid?
Who will give you honest and sometimes challenging feedback on strategic business decisions?
A: family members of a family enterprise
We often take for granted those closest to us and will be more “honest” with them as to their value and contribution to the enterprise = criticism. Sometimes you have to treat your family members perhaps like you would your employees, as they are after all sometimes the most significant contributors to the enterprise. When appropriate, appreciate the family in the family enterprise.
Some businesses can be described to have the tribe mentality. These enterprises often have a strong brand and have garnered high levels of employee loyalty. These enterprises often can distinguish themselves from their competition by their excellent customer service.
The tribe enterprise is facilitated when family are involved in the business, particularly when multiple generations are involved. The family can lead by example demonstrating cooperation, and hard work for the betterment of the enterprise. This family effort usually does not go unnoticed.
Yes, family enterprises can be challenging and even frustrating. Success in a family enterprise does take the cooperative efforts from its members.
Learn, think, apply!!