This is the first in a new PPC magazine series called Spotlight on Small Business. This time: insights on running a family business.
“One of the tougher aspects of introducing family into your business is compartmentalizing personal and professional situations. Be wary of letting personal feelings affect the necessary objectivity in decision making. Make an effort to have personal time when business is not a part of the conversation.”
–Sean Manning, Forbes Business Council
2. Career moves
“In a non-family business, you can quit your job and it’s usually a career-enhancing move. In a family business, you sure can’t quit your family.”
–Rob Lachenauer, CEO, Banyan Global Family Business Advisors
3. Succession plan
“As a family-owned business you likely have especially dedicated employees working at your company (i.e., your children, spouse or siblings). And if you’ve prepared the younger generation appropriately, you also have a built-in successor to your business, which most small business owners struggle to find.”
–Katie Tregurtha, Content Marketing Manager, NS1
4. Beware special treatment
“Don’t create two classes of employees – family vs. non-family. Be careful not to show family members special treatment. Be aware that, in a small or family-owned business, special favors given to family members and friends de-motivate employees and set a bad example.”
–Swan Mountain Consulting Group
5. The bottom line
“A family business can either prove to be a blessing or a curse, depending on how you manage it.”
–Sarath Muralikrishnan, IncParadise
This article was originally published in the Spring 2022 issue of PPC magazine. Read more stories about running your painting business in the PPC magazine archive.