How to Run a Family Business

Maurice Bouri, his brothers, and father all know what it’s like to be in business with family.  Being a part of a family business has many positives, but there are also some negatives.  Family members involved in business together love the opportunity to be surrounded by their loved ones and enjoy building a profound venture that will last for generations.  For many people it’s difficult to find the right balance of work and family priorities. If you’re planning on starting a family business, keep the following tips in mind.

§  Consider Leadership Training – Leadership skills do not come naturally to most people and those who do demonstrate leadership skills sometimes aren’t aware of how to use them to the best of their ability. There are many leadership professional development opportunities available for companies that are looking to operate in a proficient way. 

§  Open Up the Communication – Some people assume that family businesses have the best communication because they’re working with the people closest to them.  In reality, this is actually far from the truth.  Families usually have a hard time communicating with one another because they usually don’t end up discussing important or difficult issues related to the business because of conflicts that are unrelated to the business. To make sure that your family business doesn’t fall into the trap, make it a point to hold weekly or bi-weekly meetings with a clear agenda. Make it clear to everyone that this meeting time is for business related topics only. 

§  Get Everyone Involved – Many companies devalue younger family members because they make the assumption that they’re disinterested or not old enough to contribute.  As soon as children are old enough to work get them involved because the company will hopefully be a big part of their future. Teach them young what it means to be a hard worker and how to be an effective player that’s part of a team.

§  Enjoy Yourselves – All work and no play can make every member of your family burn out quickly. To keep your family motivated and energized about the business you have to allow for time to unwind and enjoy one another outside of work. Stepping away from the family business to appreciate one another will only make your company more successful because you will strengthen your bond as a unit.

Maurice Bouri feels that all successful family businesses need to keep the above tips in mind.