ALL IN THE FAMILY: Whether you are a limousine or charter and tour operator, family businesses dominate our industry. Working with family members can have both pros and cons.
The pros
Family can be trusted to always act in your best interest
Working with your spouse and children can bring you closer together and allow you to spend more time together
New generations bring new insights into a business and can infuse a freshness and new perspective.
Many young family members are bringing social media into the mix as well as website tools.
The cons
When there is a problem with performance of a family member it can go beyond work and be taken home
Family member incompetence — When the chip off the old block is really a blockhead, you are going to have to face reality and deal with it
Family and sibling rivalry — It’s bad enough at home but now it’s in your business
Working so closely with family means that you have no down time from work; family discussions often center on the business.
When you are ready to get out of the business, you will need to worry about family employees who too may be out of work.
All your eggs are in one basket — Let’s face it, if something goes wrong, the hit will be harder if you all are drawing a paycheck from your business.
When family events occur, you may have a workforce shortage as everyone can be out of the office at the same time.
Downsizing — It’s difficult to downsize the family.
Even with the cons (I am sure you all can think of a few others), our industry seems to embrace this and thrive. How do companies make this work? What makes family employment successful? Does entitlement issue occur in your business? What insights can family business owners give to others to make them successful?
— Linda Moore, East Coast Editor
Print | posted on Monday, August 31, 2009 11:12 AM