Surviving and thriving in your family business

1. When Dad is still the boss… Surviving and Thriving in Your Family Business www.summithrd.com

2. Why you should start a family business Shared goals Shared property and/or skills Family legacy Being at home with the kids Making money www.summithrd.com

3. Why you should think twice All economic eggs in one basket – risk Leakage of work life into family relationships Leakage of family relationships into work life www.summithrd.com

4. 5 Mistakes family businesses make Starting with too little capital Failing to create process and structure Distracting or unprofessional work atmosphere Overlooking poor performance, especially from family members Hiring adult children who have no outside work experience www.summithrd.com

5. A 6th Big Mistake Not defining the goal behind starting the business To provide jobs for family members To create a family legacy To make money, simple as that To grow an asset to sell later Because all sorts of decisions downstream need to align with the goal! www.summithrd.com

6. For family startups – 5 things to do to start from a solid foundation Create a plan – include vision, scope, products and services, competition, financial requirements and projections, marketing, etc. Assemble key advisors – outside information and help in case of disagreement or controversy www.summithrd.com

7. For family startups – 5 things to do to start from a solid foundation Summon family support – if they are not with you, rough seas ahead Define roles and create shared expectations from the start Structure separation between work and home life www.summithrd.com

8. Some words for the boss Model the behavior you want to see in others Talk about the shared vision often Nurture the emotional connection, but Notice when it’s time to be the boss, and be that When you’re at home, be at home all the way Remember to groom your backup Do estate planning if you want the business to continue www.summithrd.com

9. More words for the boss Share the company’s financial condition Create checks and balances Be open to hires from the “outside” Do what you need to do to be realistic about the current capabilities and future potential of your family members Remember that some business decisions will feel very personal to those impacted www.summithrd.com

10. For the SOBs and DOBs (sons and daughters of bosses) Work somewhere else first Get experience you can bring back Build your confidence outside the homestead Create independent financial resources Keep Dad (or Mom) informed of your plans Be prepared to earn your stripes – no entitlement Resist the urge to play the family card if you’re not getting your way www.summithrd.com

11. For the SOBs and DOBs (sons and daughters of bosses) Remember that this is your parent’s other baby Longstanding attitudes about you will impact the way in which they see you – even if the information is way out of date Be patient in your desire to take the helm – dad or mom might want to be actively involved for a long time There may come a time for you to help with a graceful exit www.summithrd.com

12. Communication principles for families in business Communication is two-way Separate family (personal) issues from business issues Create communication routines everyone can count on (like the Monday morning pow-wow, etc.) Be as inclusive as possible to prevent insider-outsider morale problems Use multiple modes – written, verbal, demonstration, etc. www.summithrd.com

13. Resources for you to tap into Small Business Administration – SCORE Sounding board for your startup idea Assistance with your startup plan Team of professionals – attorney, accountant, insurance agent, etc. Chamber of Commerce – connect to business community Business coach or another specialist to help you develop your staff, whether family or non-family www.summithrd.com