Many of the biggest and successful businesses are family owned businesses.
There is Walmart, Mars, Comcast, News Corporation, Ford Motor Company, Carlson, Cargill, Bechtel Corporation, Koch Industries, Motorola, Radio One, TV One, Earl Graves Ltd., Johnson Publishing; to name a few.
Family businesses can be challenging and tough, but experts attribute seven characteristics that successful family owned businesses should have that will make their lives and the businesses easier. They are as follows:
1. Establish clear boundaries around the business and the family.
2. Develop a Succession Plan.
3. Formulate a business and strategic plan.
4. Hold regularly scheduled business meetings.
5. Plan regularly occurring family gatherings.
6. Develop conflict resolution skills.
7. Appoint an outside board of advisors.
This country was built upon small businesses. They are the foundation of the economy. Never discount them; not the one man show or the corner Mom and Pop store.
I know of their importance all too well. I grew up working in a cafe and gas station that my parents owned in Mississippi.
Though these were not sophisticated businesses, I developed a work ethic and an appreciation for what my Daddy and Momma started.
I didn’t then and will never take the “sweat off their backs” for granted. My two children and I work and have worked together side by side in our entrepreneurial endeavors.
Skill development and navigating their paths are as important as the willingness of the understudies to responsibly learn. Legacy is important!
Leaving what you started in good hands is a testament to the originator. Influencing the next generation with your teachings and wisdom is crucial.
Remember … King David gathered the materials, but left the temple for his son Solomon to build.
The scriptures tell us that he prepared his young inexperienced son for this future undertaking.
Fast forwarding, it is hopeful that hard work and wisdom rub off and take roots from one generation to the next. Children and grands take heed!
It’s a big responsibility to continue, improve, and enhance what your family started.
Proudly walk in their shoes. Nothing is worse than destroying what was placed in your hands to cultivate.
Laziness, a lack of leadership, and careless disregard are disrespectful.
Be a good steward and carry the family torch!
It’s a blessing; a blessing indeed!
Photo credit: www.cdn.aarp.net; Source: Optimal Resolutions Inc.