Everyone loves family businesses. There’s something romantic about mom, dad and the kids working together to create a company that is as unique as they are. Customers like family businesses because they tend to be friendlier and they treat you like a real person. If you have a family business, are you making the most of your competitive advantage?
Loyalty. There is competition and infighting amongst employees in all companies, but in family businesses, everyone understands that the well-being of the family and the success of the business trump everything else. This loyalty motivates everyone to put their self-interest aside and do what’s best for the company.
When you create a family business, you are building something that is greater than yourself.
Commitment. When you create a family business, you are building something that is greater than yourself. Perhaps you inherited the company from your parents, or you might be working hard to leave a legacy for your children and grandchildren. Your investment in your work goes far beyond a regular job. This level of commitment causes owners of family businesses to put their heart and soul into their company, which contributes to its success.
Trust. The level of trust that we have with the members of our family is completely different than it is with anyone else. Our family members are the only people lucky enough to see us without our make-up. We tell them exactly how we feel and exactly what we think. This openness ensures that problems are dealt with swiftly and that everyone’s point of view is heard.
Values. Often family-owned companies reflect the values of their owners. The line between the business and the family that owns it can be impossible to distinguish. Business owners have a sense of pride when their company actually stands for something. Many family businesses are strong supporters of their community and customers choose the business because its values resonate with them.
Relationships. Working together as a family is a rewarding experience and the strength of these relationships benefits both the family and the business.
Family businesses have a long-term orientation that many companies lack. The family is invested in the business for the long haul, during good times and bad. Never underestimate these mom and pop shops; the family business is the oldest type of business and these companies make an important contribution to our economy.