What does family mean to you? Support? Love? How about the best kind of business partners? Running a family business or stepping into your role as a next-generation owner of a family business can come with various challenges, but also an almost unlimited amount of rewards. If you’ve got the entrepreneurial spirit, turning your business into a family business might be a good idea — and it’s totally possible to stay true to yourself along the way. Let’s take a look at McDonald’s franchisee Kyle Webb for inspiration. Kyle is the CFO of Webb Family Enterprises and a next-generation business owner. He shared his story with us here and talked about his role within a family business.
Here are some surefire tips to making the family business your own:
1. Shadow positions as soon as you’re able
If you’re next in line for the family business, it’s best to decide if that’s the career path you want to pursue through hands-on experience. – Shadow people in various positions and see if you find joy in the family business. For Kyle Webb, those lessons started early: “My dad would schedule conference calls for the way to school so I could experience what it was like to conduct a meeting and to have conversations with important people,” he says. Look at what it takes to run a business and from every angle. You’ll get the most realistic view from being in the trenches and doing the work first-hand.
2. Use your relationship to your advantage
Working with family means you already have a foundation and relationship that you can build upon. You have the advantage of knowing how that family member operates, what might motivate, inspire or drive them. And vice versa. Use that to your advantage.
3. Get clear on roles and responsibilities
Are you good at numbers? Or are you more of a creative type? Is your sister the queen of details or is she better at interacting with customers? Figure out your strengths and discover where you might fit best within the family business. It can only help your business run as efficiently as possible and lead to greater success!
4. Have open and honest conversations
A personal relationship is very different from a business relationship. There may be bumps along the road as you expand your relationship from just brother & sister, mother & son or husband & wife to business partners. Keep the lines of communication open as you learn to work together to run your business. If you have concerns – speak up! It’s necessary to keep the business and personal relationships positive and productive.
5. Treat family them like any other employee
Though they are family, the keyword is still “business.” Every family member working in the family business – from the intern to the CEO – has to be held to the same standard as any employee. It can be difficult to be tough on your little sister if she’s not pulling her weight, but it’s important that everyone is doing their best work to keep the business going. This not only produces better work but keeps the emotional relationship within the business healthy.
6. Nurture your family and your business as the separate entities they are
Spend time with your family outside of work. Focus on work while you’re there. Understand that both relationships require different things, and give them the respect and nurturing they need. Your family and your business are two very separate, very important living entities. Although they can combine in a wonderful way, they require a certain patience and some consideration to ultimately flow successfully.
Keeping these tips in mind will keep your business thriving and your family happy. You can take ownership in the family business and how you choose to lead it.
This post is brought to you in collaboration with McDonald's.
