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Ask a successful family Business owner what it takes and likely they will give you a number of basic ingredients. A recipe that is common to success.  

Most likely they will also share some opposites, a few home truths of what doesn’t work, and they will finish by saying, ‘running a Family Business has its rewards, but it isn’t always easy going!  

Here are 8 Ingredients to include and those to avoid.    

1. Acknowledge Family Dynamics: crucial to success is recognising that despite being family, not all family members have the same ‘taste’, values and work ethic. It’s important to work on building strong healthy working relationships and directing efforts to bring out the best in all.  The opposite, ignoring these dynamics, will lead to sibling rivalry and discontent. Everyone suffers. 

2. Roles & Responsibilities: Clearly define, articulate and establish each member’s position, role description and their overall place in the Business unit. This helps create a better understanding, minimises confusion, and promotes accountability. It also builds a strong team and ensures that everyone is working towards a common goal.  Avoid the opposite, a laizafaire approach that fosters uncertainty, jealousy, and conflict. These feelings destroy loyalty, trust, unity and the Business disintegrates. 

3. Embrace the Family Legacy: If the Business has a rich history that has been passed down, embrace it. Tell and share your unique story. Make your decisions aligned with these core values and principles. The opposite, to simply throw-away what was working can result in losing brand-name, reputation and customer base.  

    

4. Foster Open Communication: Effective open communication is the key to success. Encourage honest dialogue and create a supportive environment where everyone feels valued. Schedule regular meetings where all members have a voice, to discuss important matters, and make collective decisions. The opposite, poor communication, fosters secret conversations, whispers and misleading information that undermine family bonds, members and the Business. 

5. Develop your Team: encourage professional growth of family members by providing opportunities for training, education, and mentoring. This fosters growth of the individual and the Business benefits from having a more informed member. Avoid stifling members by limiting their development and career opportunities. 

6. Welcome Innovation: Embrace innovation and opportunity. This is critical to the long term success of any Business. Seek ways to improve services, processes and products. Explore new technologies and stay updated on Industry and market trends. Encourage creativity and adaptability within your family Business. The opposite, narrow thinking, fearful of, critical of the new or different, will leave the Business stagnate.  

7. Encourage Healthy Work-Life Balance: It’s important to foster and strike a balance between work and personal life, a balance that applies to all members. Personal time away, for leisure, self-care and quality time with loved ones. This balance has benefits for all concerned. It promotes individual well-being and fosters harmonious family relationship dynamics. The opposite, those who ‘live and breathe’ the Business, become tired, stressed and often overwhelmed. They are less effective, become jaded, as they juggle too many tasks. 

8. Engage External Expertise: Seek the advice of professionals if needed to provide guidance and support. Industry experts, Consultants or Business Associations can provide valuable insights and perspectives to help your Business grow. Avoid thinking you know everything, that you can’t learn from others’ experiences