Before going to work in the family business, work for someone else first

We have all heard how important it is to gain some outside experience working in another company before joining the family business.

But how do we do actually accomplish this?

The key is to take advantage of this opportunity before you get too involved in your own family business.  Some people prefer to work in the family business a few years and then go work outside, while others do it right from the start. Waiting too long will risk that you will get so involved in your family business that you won’t be able to break away from your responsibility or you will feel a diminished return from the experience. More…

Help! I’m Working For a Non-Family CEO in Our Family Business

“He pushed me beyond my comfort zone, but I liked it”

At first, we were concerned, that hiring an outside CEO would feel like a loss of control. But in a strange way, we almost felt a sense of relief. Relief that the family could tap into a resource that could support us in growing the business through fast growth.

An outside CEO can also help pull the company in the same direction. When family members lead the business they have autonomous power to manage their areas of responsibility. They set their own priorities, strategies, and methods of getting the tasks completed. This independence in the management structure often has family members working in silos with no clear lines of communication and direction. Each family member is setting their own priorities in a vacuum and hoping they align with the overall direction of the business. It usually works well, but there is an opportunity to make it even better when there is a comprehensive plan in place.  More…