Bringing children on board builds foundation for succession

Doing so will allow a family to bond, develop positive character traits and maintain a balanced lifestyle, but only if the situation is managed properly.

Separating work, family time

Set specific hours devoted to work. Create a rule that unless an emergency arises at the company, no one can talk business during nonwork hours. Take time off as a family for vacations and fun activities.

There are time issues to consider.

First, too much time together as a family interferes with individual development. Second, the majority of one’s lifetime is spent at work. Accordingly, take time off apart so the men and the women can have separate group getaways doing activities they enjoy.

Be sure everyone has their own hobbies and friends to be able to spend time away from the family. All parties will feel refreshed and ready to do their part in the family corporation during established work hours.

Sharing values

Working as a family develops a closeness impossible to build when spouses remain employed by separate companies. Bringing children on board the family business allows parents to teach important vocational skill sets to further each child’s career in another field. If one or more of the children decide to stay in the business, the groundwork will be laid, and the passing years will provide the preparation required to manage, buy or take over the business when the parents are ready to retire.

Making contributions, volunteering for worthy causes and participating in local fundraising events are important components of the groundwork for any company. In a family-owned business, the children will learn values and ideals, such as compassion for others and a full appreciation of what they have in terms of possessions, health and family supportiveness.

The opportunities to form character and maturity at an early age will significantly broaden for younger people employed at the family business. Awareness of the “big picture” will develop as the younger generation gains knowledge and a new perspective. Driven by goals, children in a family business will direct their efforts toward specific, measurable and attainable objectives with action plans and deadlines. Self-motivation will enable younger family members to be responsible, feel personally accountable, strive for quality and receive gratification from accomplishments. They also will become more willing and flexible, easily able to adjust to new conditions and situations that change.

Conscientiousness will guide job performance of young family members according to a sense of what is right and wrong in conduct and motives, leading to careful and thorough execution of duties, with pride in their work.

Decision-making, problem-solving and follow-up skills will be fine-tuned in serving customers and dealing with vendors. Perseverance will enable members of the younger generation to undertake tasks in spite of difficulties and obstacles, and continue steadfastly until the goal is met. Confidence and self-assurance will come naturally during interactions with others. Sharing ideas, time and energy with team members to attain results will be commonplace.

The bottom line is that younger generations working in a family business will be successful, always moving forward, just as they watched their parents do during their formative years. In turn, the parents will feel a strong sense of pride in their children – and themselves – because they made the decision to hire, train and mentor their children in the family’s business.

Lynne Haggerman, M.S., is president/owner of Haggerman & Associates, a firm specializing in management training, retained search, outplacement and human resource consulting. She can be reached at lynne@haggermanandassociates.com.