Behind the success of every leader there is a professional expert team.
It is not enough if one member plays all the parts. Any business, however small, needs professionalization.
The members of the family are the source of its strength.
A united workforce with their own business boosts efforts, this is an essential value to generate and maintain family businesses.
… Stakeholders in a family business sleep less and worry more. This is one of the efforts we must make to push our project forward; this and working round the clock. However, this is also what makes us different and gives us pride. And you know, in the end the results are more satisfying when you see that they are the fruit of the efforts of the ones you love. “Who would have said that that kid, who still asks my advice, would now know more than I do?” Thanks to him, I can now sleep soundly at night.
You must take advantage of opportunities.
Grasp hold of them or create them, but never let them go by without analyzing them.
Planning the succession and training the future generation of leaders is vital
Those that grow participating and feeling responsible under the family umbrella are more likely to be interested in sharing the responsibility of the family business: by involving the heirs we create order.
Succession needs a careful strategic plan. It is one of the priorities for business families who want to ensure continuity and preservation of wealth as well as its growth for future generations.
A human and emotional touch compensate.
I never thought I’d end up working with my father, mother, little sister and my uncles. In fact, when I came back from studying in Ireland, although I thought having studied Business Administration and Management had helped to train me, what I really wanted to do was fly planes. Helping during the summers led me to value what they had built, realize how much sweat they had put into it and made me love them more. Now I know that feeling like this makes it worthwhile and that I work with my feet firmly planted on the ground. Working beside them, I don’t need to be at an altitude of 10,000 meters, I see that very clearly now.
Running a family business is difficult, but it can also be fun.
Yes, it can be fun, as much fun as we make it. It is only a question of attitude, and that is no small thing.
Go for empathy.
Human relationships in the bosom of a business family can be complicated, but human relationships always are. Empathy helps to combat tyranny.
Trust and transmit confidence.
Let people carry out their work and delegate. Believe in different ways of doing things. Give opportunities. Analyze results. Be pragmatic and let the results help you to continue to trust.
Combine morally binding feelings with legal documents.
One thing does not exclude the other. It is worth having everything tied up and clearly understood.
Don’t mix emotional and economic dependence.
The connection between feelings and economics is the driver behind the existence of business families, but for things to work well, both on the family and business sides, both concepts should be separated and not mixed together.
GRANDDAUGHTER: Grandpa, I know it’s very expensive, but it would be great. GRANDFATHER: Maybe, but we must talk it over with everyone, it’s a family matter.
Communicate and create closeness.
Establishing good communication is one of the fundamental objectives of the business family. You must go for transparency and create an informed, dynamic and participative environment. A good model of internal communication is essential. Everything should be communicated to be shared; feelings and thoughts as well as actions. Internal and external communication of a family business should transmit human closeness and professionalism more than for any other business model.
Do it always and always have it in mind. Do not wait without looking ahead until something appears or destabilizes your success. Use expert advice.