The first step in preparing your child for the family business is to make sure they are ready. You should start by teaching them about the history of your company, what it does, and how it’s run. You can then teach them about the different departments that work in your company.
The a way to deal with incompetent family members in a family-owned business is to is the first step of preparing your child for running the family business. It is important that you don’t let them know what you are doing, so they don’t try to sabotage it.
The beauty of family companies is that they are just that: family businesses. No one loves you more than your children. You love, care, and teach them all in the hopes that they would grow up to be self-reliant, confident, and content adults.
Those of us who own our own businesses can’t help but fantasize about bringing our children into the workplace. Showing them the ropes, seeing them develop, and then watching them one day take the company to the next level.
You only have one opportunity to make a good first impression—both on your kid and on the rest of your team—if you’re preparing your adolescent or young adult-child to come to work in your family company for the first time.
I’ll never forget my first day on the job at Olan Mills, my family’s company. It was my first job, apart from raking neighbors’ leaves for whatever money they would offer me and my pals, when I was 13 years old.
To get to the factory on Industrial Boulevard, I had to take a bus downtown, change buses, and walk a block or two.
While I had visited the factory with my mother many times previously to see my grandpa, this time was different. My grandpa had died, and I was the sole family member working at our Dallas office, so everyone was looking at me.
And, considering my illustrious status, what distinguished job did I hold? I was in responsible of collecting all of the empty film canisters, putting caps on them, packaging them, and sending them to studios throughout the United States.
Darleen, a lady who may have graduated from high school, was the person to whom I reported. She was fantastic. She couldn’t have cared less about the fact that I was “Mr. Mills’ grandchild.” She was kind, but she treated me as though I were a new employee. I was fortunate to have her as my first boss.
1. Begin at the bottom and work your way up.
When your kid first starts working, what job should you assign them? Start them from the bottom and have them report to a lower-level person, in my opinion.
This may seem strange to you. How may this method help my kid develop leadership skills? Why not assign them to a job that better reflects their intellect and potential future position within the company?
Let me explain why: When you’re a good leader, people want to follow you. When you’re 13, 22, or 30, and you’re a relative of the founder, no one is going to want to follow you at first.
People are drawn to others for three reasons:
1. They have faith in them.
2. They set a good example.
3. They are respected by them.
There are certainly more qualities, but if any of these are removed, the urge to follow soon vanishes.
When your kid is Nick D’Aloisio, the 13-year-old creator of the Summly App, which condenses huge quantities of text and was sold to Yahoo! for $30 million, there is one exception.
People will flock to someone who has a generally recognized exceptional competence in a field such as “killer applications” or producing “unicorns.”
2. Give your kid a different person to report to than you.
So, just like any other entry-level team member, establish the expectation that they would work hard in that role. Make them report to someone other than you.
This approach sends a clear message to the rest of the company’s employees: your kid isn’t seeking for, and shouldn’t get, special treatment. They want to be evaluated on their abilities rather than their connections, and they want to do whatever it takes to ensure the company’s success.
Furthermore, as your kid assumes greater responsibility, people will be more inclined to appreciate them since they aren’t afraid to get their hands dirty.
3. Put them in a position where they can learn every aspect of the company.
Moving goods, labeling items, customer service, or bookkeeping may be their first jobs. As any seasoned businessperson will testify, even becoming an expert in the most basic of topics may take up to a year.
At the same time, knowing the underlying mechanics and fundamentals of the company can help you make more complicated choices. And, in many cases, only performing the job may provide this level of comprehension.
Remember that getting your hands filthy for a week isn’t enough, so let your kid participate in some of the dirty labor, stressful circumstances, and overtime scenarios.
Consider your kid the company’s “rover” along the same lines. If you’re short on staff and need some assistance, and junior is having a slow time, have them fill in.
4. Allow them to shadow leaders in various areas.
If your teen’s summer employment is working for your firm, you have another chance as the new school year approaches. A fun spin on the end of the summer may be to expose them to additional parts of the organization. It may be beneficial to offer your kid an overview of the company’s more complicated and strategic elements.
The amount of time and attention you should devote to this task is determined by your child’s degree of interest and aptitude. Simple ideas include dressing them up in business attire for a day and having them meet with a number of people in important positions inside the firm. Purchasing, merchandising, marketing, accounting, human resources, information technology, and so forth.
Request a simple description of what they do and why it important to the business from these individuals. This won’t mean anything to a teenager. However, the procedure will continue. Also, encourage them to inquire. This will help your kid realize that although the fundamental job he or she is performing is essential, there are other more complicated aspects of the company that contribute to smooth operations.
Looking back on my time at Olan Mills, the summer I spent in the office receiving, sorting, and processing orders is one of the highlights of my career. Everything was on paper, and there were a lot of them.
I had a strong desire to return to the workplace and process film canisters. Despite this, I was exposed to the administrative side of the company and taught the significance of processing orders correctly.
5. Allow for debriefing and connecting the dots.
As the owner, your best job is to debrief on how things are doing and then point out and discuss some of the more complicated problems, challenges, and possibilities that exist in that area.
Approaching the adolescent years in this way will assist your kid in learning the fundamentals, forming connections with others, and learning to work with them while earning their respect. It should give you a bird’s eye perspective of the whole operation. As a result, they will be well-positioned to lead the company into the following generation down the line.
Frequently Asked Questions
How can one prepare for running a family business?
One should be prepared to work long hours, as well as take on a lot of responsibility. In addition, one should have a good head for business and be able to make decisions quickly.
How can I get my son into the family business?
I am not sure what you mean by family business.
How do I prepare my child for success?
The best thing you can do for your child is to provide a safe and nurturing environment in which they can learn and grow. This includes providing the tools they need to succeed, such as a good education, nutritious meals, and a healthy lifestyle.
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