Four Solutions to Taking Control of your Family Business

Four Solutions to Taking Control of your Family Business


Hello again, Lou Mosca, American Management
Services, Orlando, Florida. And today, what I’m going to talk to you about
is Family Dynamics. You know, there are 28, 29 million privately
held businesses in the United States. And, we at American Management work with quite
a few every year. And most of them that we find are second,
third, and even fourth generation family-owned businesses. And, as each generation goes along, the complexity
to integrate family, and operational efficiency can become very difficult. You know, dad or granddad did it his way,
and then it became your issue, and now you’re looking at your child, or your son, or your
daughter to take over next, and all alongst the while, we’re so busy sometimes dealing
with the family dynamics, we lose sight of the fact that we need to be growing revenue,
and maximizing profitability. That’s one issue. On the flip side, the next issue is, family
rivalry vs. good, solid employees in the business, who feel like they’re not being treated fairly. So, family dynamics; mom, dad, granddad, siblings,
brothers, sons, sisters, you know, can make things very, very complicated. So, one of the things we believe is the best
family business is that with only one family member. So, if you’ve got a bunch of family members
in your business, each one of them needs to have their own role, their own responsibility,
their own timeline, their own performance plan, so they’re treated as fair as all the
other employees in the company, okay? Good luck with those family dynamics guys.

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