5 Things One Should Keep in Mind While Joining the Family Business
Joining the family business though can be gratifying also comes with its own set of challenges
The decision of joining the family business is never that easy. The rewards can be great: a clear shot at the top spot, financial security, a chance to work with people you love while building on your family's legacy and more. But the risks are great too. If things don't work out, both the economic and emotional costs can be huge.
Importance of Observation
I believe that observation is the key to success. Don’t get much excited when you join your family business. Though it seems easy when you are on the other side carrying forward a successful legacy is very difficult. The business you have been given to extend is a result of generation’s dedication and hard work. Even a small bad decision can be harmful for the business. So, it’s better to observe, analyze and then implement.
Being Fair in Making Decisions
Though in the family business from the very initial stage or say from the very first day you get the senior position but this also comes with responsibilities from the very first day. You have to be very fair in your decisions.
Keep it Professional
You may have a problem forging your own identity. It’s a double-edged sword being the founder’s son or daughter. Some older employees may unfairly compare you to your parents without taking the time to get to know how you do things, and still, others may resent you, thinking you have it easy or were born with the proverbial spoon in your mouth. Working with the family member can be difficult. You all know each other so well, that there can be a tendency to get personal in any areas of conflict. You also may feel pressured to live up to some pre-conceived standard.
Carrying Forward a Legacy
The best part is you can have a real stake in the company’s future. You are connected with your work both emotionally and financially. The pride you have in working for a firm founded by your family can be motivating, and, when you have the opportunity to improve that business and make decisions that move it safely into the future, it can be very gratifying. Also, you can pass on the business to your own kids, leaving them the same – or an even improved version – of the legacy your parents has gifted you.
I feel one should not join the family business just because of promises or expectations. Plans go skewed under the circumstances. Even if you inherit a business, in reality, you must earn it through work, commitment and contribution. Though you are getting everything like beautifully served on a plate but this comes with a lot of expectations of your parents like any other person joining any outside job. Following in the footsteps of a parent is a tricky and difficult challenge. Know what you are getting into and be thoughtful about the seriousness of the commitment you are making. If you are satisfied you've done your homework and you still want to proceed, you have a shot at a career that combines the best -- or the worst -- of all worlds.