Tampa, FL (PRWEB) July 01, 2014
A recent article on the FamilyEducation website, excerpted from The Complete Idiot’s Guide to Dealing with In-Laws, lauds children who weigh the pros and cons of joining a family business before making a commitment to do so, noting that working with family can be a double-edged sword. That comes as no surprise to Federer Performance Management Group, a performance management team, which offers the same advice as well as some additional specifics to consider.
“Having the opportunity to join a family business can be a dream come true or quite the absolute opposite, a horrible nightmare,” said Denise Federer, Ph.D., FPMG founder. “What I find is true for many children involved in family businesses is that they wished they’d done more ‘due diligence’ before they came on board.”
Federer notes that children often feel lured by their parents to join the family business, and perhaps shortchanged because they were never able to realize their own dreams. Many children blossom under a parent’s tutelage, she adds, while others wither. Family dynamics can be significantly affected as well; some families grow closer as a result of working side-by-side, and others get torn apart.
FPMG’s tips are meant primarily for children who aren’t yet working at a family business, but they can also provide some food for thought for those who’ve already made that leap.
Before joining a family business, answer these important questions:
If after some soul-searching, the decision is made to join the family business, Federer suggests ensuring that transparency is maintained at all times. Boundaries also need to be created, for instance, calling parents by their first names rather than mom or dad.
“Since your non-family colleagues will likely think you have an ‘in’ with management, you have to work hard to show them you have to adhere to the same requirements they do,” Federer says. “If you are named the heir apparent, it’s even more important to gain respect, ideally by starting at the bottom and working your way up via your accomplishments—not your name.”