Succession is one of the biggest shows streaming right now, and at the very heart of it is a dysfunctional dynasty widely accepted to draw its inspiration from the Murdoch family and its media empire.
The toxicity that swirls in this family business makes me reflect on how lovely it is to have my youngest daughter working with me in my business. Of my five adult children, she is now the second to take the plunge and give working with her mum a try. With her background in customer service and a love for data analytics and statistics, she is now my customer experience manager.
Building a family business empire is a dream for many parents, and it’s not uncommon for them to want to pass on the legacy to their children. If you’re a parent who wants to involve your kids in the family business, it’s important to start preparing them early so that they can feel like it’s a win-win situation for everyone.
So, how can you make working together as parent and child a win-win and avoid your family becoming a toxic disaster? Here are my six tips.
Start with a strong foundation
The foundation of any successful family business is a strong family bond. Start by building a strong relationship with your kids and instilling in them the values that are central to your family business. Mine are hard work, dedication, and perseverance. Teach them the importance of teamwork and collaboration, and make sure they understand the family’s goals and vision for the business.
Encourage them to pursue their passions
It’s important to let your kids pursue their passions. Whether it’s through internships, mentorships, or hands-on experience, let your kids explore their interests and develop their skills – not just in your business but outside of it, too.
Give them real responsibilities
As your kids gain experience and knowledge, start giving them real responsibilities in the business. Whether it’s managing a project, handling customer relations, or overseeing a department, give them the opportunity to take ownership and make a real impact. This will not only help them develop their skills but also boost their confidence and sense of contribution.
Mentor and support them
Be available to answer your kids’ questions, provide guidance, and offer constructive feedback. Encourage them to take risks and learn from their mistakes and celebrate their successes along the way. By providing a supportive and nurturing environment, you’ll help your kids thrive and grow within the family business.
Provide a clear path for advancement
One of the biggest challenges for kids working in a family business is the lack of clarity around career advancement. Make sure you provide a clear path for advancement and a system for performance evaluation. Set clear expectations and goals and provide opportunities for ongoing learning and development. This will not only help your kids grow and advance within the business but also give them a sense of security and purpose.
Keep communication open and transparent
Finally, keep communication open and transparent between you and your kids. Encourage them to share their ideas, concerns, and feedback, and be receptive to their input. Create a culture of trust and respect – you’ll help build a strong and cohesive team that can work together to achieve success.
Raising your kids to work with you to build the family empire can be a rewarding and fulfilling experience if the two-way exchange has the essential ingredients. By following these steps, you can create a win-win situation for everyone involved. With the right foundation and mindset, you and your kids can work together to build a successful and thriving family business.
