Over 90% of businesses in the U.S. are family businesses. By the second generation, only 30% are still running and only 10% are still running by the third generation. In a family business, often times family members are working very long hours and are not being compensated enough. Most of the time, family members are not spending an equal amount of time working. This can cause a lot of stress between family members. It may even be hard to spend time with your family while you are not working.
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Do you even know the difference between home and work? It may be hard to distinguish between family and your business and that is normal when one is in a family owned business. It is sad to say but when one's time is taken up by the family business, they may start to have hard feelings towards the business and might even be distant from their family members who are not in the business. When there is a family party, the family business is talked about and their may be tension between those who are and are not involved.
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One of the worst things that can happen in a family business is fighting between family members. They might fight about money, power, and how much time they put into the business. This can be damaging to a family or even the business itself. Often times siblings feel there parents are playing favorites if one owns more of the company than another. If these conflicts are not resolved, the family business is not likely to last for generations. Since the owners of the company are family, the emotion is so strong causing problems to last a long time before they can come to an agreement.
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Do not worry, though the emotions are high and it may seem like the issues will never be resolved, they can be.
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In a family business, the family members need to be open with each other. Communication is so important with any business, especially a family owned business where you are working with your loved ones. Instead of each family member taking everything so personal, they should look out for the best interest of the company, not one's own gain. There are business coaches out there who can help with balance between the business. They can also help with your personal life and how you spend your time at work and at home. This will help you to have the opportunity to spend more time with your own family, personal health, and friends. A business coach is a great idea if you want to get your life back on track, so that you are less stressed out and can better the company and your personal life.
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For the sake of the company and your family relationships, it is wise to hire some advisers. These should include a lawyer, an accountant, and a consultant. A lawyer would benefit your family business so that everything is legal and fair. An accountant would help a lot by taking care of all the financial planning. In case anything were to go wrong with the business, they would not have a family member to blame. A consultant can help coach everyone and make sure the family business is on track and everyone is accomplishing their goals.
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