Family Business Basics

What to prioritize?

In a Family Business? First things first, Family.

La Familia.

That is what the priority is. However, factors worth considering is what specific aspect of the family’s well being does each member immediately affected prioritize?

Is it financial means? To be able to enjoy vacations and luxuries or to make sure medical expenses can be taken care of should they arise, if they haven’t already.

Is it time with the family? Are they an adult or a child? Having the opportunity to work towards a common goal? Laughing, problem solving together and supporting each other through all the chaos that will inevitably follow especially during the startup years?

Is it creating a legacy and leaving something for future generations to enjoy?

Is it about facing a challenge and accomplishing what many would say is “ too difficult”

Is it making a name for an individual with the help of the rest?

Is it for the pride and joy of following through on a vision & dream?

Is it because some or one individual experienced prejudice, endured insults, belittling to name a few bad experiences at a job that they wanted to provide an environment for their loved ones where they would be protected from those experiences?

What does each person involved have to say with regards to the business endeavor.

Who is for it? Who is not?

Why or why not?

What emotions, doubts, insecurities do they have? Is it the dream they oppose? Or is it because they don’t have your experiences therefore they can’t see what you see?

Communication.

Talking AND Listening.

Both are essential.