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Running a Successful Family Business | Barry Kornfeld

Years ago, family businesses were the backbone of this country. Nowadays, however, consumers are more drawn to corporations and commercialized companies. While this is a challenge for small businesses, it’s still possible to run a successful family business. Follow these simple tips for success: Open Communication In any business, no matter how big or small, […]

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Years ago, family businesses were the backbone of this country. Nowadays, however, consumers are more drawn to corporations and commercialized companies. While this is a challenge for small businesses, it’s still possible to run a successful family business. Follow these simple tips for success:

Open Communication

In any business, no matter how big or small, communication is critical. When running a business as a family, it’s imperative to communicate effectively. Especially when it comes to delivering bad news or dealing out constructive criticism to family members, you need to be honest and confront family about issues. By airing out any concerns about the business openly, problems will be resolved quickly and won’t present future difficulties. A great way to keep open communication is by holding frequent business meetings among family members and employees.

Create Boundaries 

When running a business with your family, it can be difficult to keep business and family matters separate. This is why setting boundaries is essential to be successful. Problems that happen at the workplace can quickly drive a wedge between family members and make it harder to resolve the matter. Simply put, keep work at the office and family matters at the dinner table. This is best for both your business and your family.

Treat Everyone Fairly

Every employee should be treated fairly, family or not. Some family-owned businesses make the mistake of treating family employees better than non-family employees. This can cause a huge rift within the business and is an excellent way to lose valuable workers. Make the extra effort to ensure non-family employees are being treated fairly and there is no favoritism towards the family members that work for you. This sounds easy to do, but it takes a real effort to execute it.

Have a Plan

Like any business, it’s essential to plan for the future. When first getting started as the founder of a business, it can feel like you’ll be running it for the rest of your life. This can make it hard even to imagine handing over the reins to someone else, but that day will come and it’s essential to plan for it. Get started preparing for the transition to the next generation now by having younger family members ready to step in and take over. This will ensure the success and legacy of your business lives on. 

This article was originally published on BarryKornfeld.com

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