For some, spending time with family is quite meaningful. For others, it might feel as if you’re on the set of the popular HBO series, “Succession,” fighting over money or favoritism, and enduring feelings of jealousy or guilt.
But what about when it comes to business—specifically a family business where you work so closely together?
Being a father-son firm for nearly a decade in a business that has been around for more than 25 years, we have seen firsthand what it is like to work with a relative—and it doesn’t get any closer than father and son. While there are a number of dynamics at play that can be positive or challenging, how you handle those situations goes a long way in determining if a family business is right for you.
Here are some pros and cons of a family business. And know that any of these can be positive or negative based on how everyone approaches and handles them.
Trust is No. 1
When it comes to your business and your team’s core values, trust has to be at the top of the list.
Trust is not only knowing that your personal information and reputation is protected; it’s also having faith that your team is working every day to collectively grow your business, and make sound and ethical decisions and actions on behalf of your company.
When you have peace of mind that you can fully trust your team—and your team trusts you—this lays the foundation for great relationships and a successful business. This should come naturally in a family business. If it doesn’t, that’s a big red flag.
An Environment of Mutual Respect
Family dynamics and history are always a part of life, but when it comes to your business, they must not negatively affect your working relationship.
As the team member, you must remember that the business owner is the head honcho, and deserves the same respect that any employer-employee relationship entails. At the same time, the business owner should at least be considerate of their staff’s ideas and input, and be willing to delegate important tasks. After all, these are signs of a great leader.
A mutual respect means having each other’s best interests in mind. This creates a sense of togetherness, teamwork, and a drive to both make an impact that keeps everyone feeling fulfilled and happy.
Complacency or Laziness is Not Allowed
Having that feeling of togetherness and drive to make a profound impact and feel fulfilled is great, but what happens when the opposite occurs?
When it comes to a family business, one common concern is someone being complacent or lazy. This can happen when someone feels so secure in their job that they don’t feel the need or motivation to work hard.
When this happens, not only is the work suffering, but you’re also creating a path that is stunting growth and holding you back from your potential.
If this is happening, you must have an honest discussion about the person’s lack of effort or passion. And as tough as it may be with a family member, they must be let go if they don’t show a willingness to improve and the results don’t change.
For us, it never felt this way. One thing that really helped was that we both have loved writing, editing and storytelling for so long that the work felt natural and something we love to do every day. It never felt like one of us was handed a job or the other was given the position just to help out their son. That is a big difference for us.
The Nepotism 'Label'
Whenever you work with a family member, especially a parent, others will sometimes tease you about nepotism, or actually think less of you.
You can handle this in two ways: You can get defensive and blow up, or use it as fuel to prove your doubters wrong and strive to be great.
One tactic is using it as a chip on your shoulder, much the same way a professional athlete would when their peers trash-talks or the media blows something out of proportion. If someone thinks you can’t do something or aren’t qualified for your position, use it as fuel and prove them wrong. In the end, it’s more proving to yourself that you belong and have self-worth.
Because we niche in professional services, especially accounting and finance, we come across a number of clients or colleagues that have family businesses, with sons or daughters. This creates a sense of respect and camaraderie from the get-go.
Legacy/Succession (no, not the TV show)
As a business owner, you’ll have to reflect upon your business’ future at some point. If you have a family business, a natural progression may be to have a younger relative take over the business when you retire.
If that’s the case, working closely together can prepare you for the future. Of course, it is a big decision. Chances are you spent years building up your business and overcoming adversity along the way.
Creating a legacy you see fit may be the way to go. Consider what it will take for the heir- apparent to successfully take over and have a smooth transition for your team and your clients.
Is a Family Business a Good Idea?
Ultimately, engaging in a family business comes down to you and your situation. Each family relationship is unique, and it may not work for everyone.
From our perspective, it has been a tremendous ride for the past decade. We both feel we’ve grown personally and professionally, and our relationship has never been better.
We hope that some of our observations in this article will help you work through any issues or decisions you will make when it comes to your firm’s family business—now or in the future. And while it is not for everybody, it can be something amazing.
Bryan Cytron is VP of Cytron and Company. He helps businesses and firms tell their story, build their brand, and grow through top-notch PR, marketing, media relations and communications. This includes websites, blogs, newsletters, social media and more, with a niche in accounting and financial services.
Scott Cytron is President of Cytron and Company, known for helping companies and organizations improve their bottom line through strategic public relations, communications, marketing programs and top-notch client service. An accredited consultant, Scott works with companies, organizations and individuals in professional services (medical, legal, accounting, engineering), high-tech and B2B/B2C product/service sales.
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