Family Businesses: How to Run Them Strategically

By The Hartford
The Hartford Small Biz Ahead | Published September 7, 2022
Updated: July 6, 2022

When we hear the phrase “family business,” we often think of a company that has been passed down from generation to generation, by a parent to their offspring. But while this might have been a common scenario in the past, we are beginning to see more and more instances of the reverse situation occurring, with adult children who are inviting their parents to join them in their new business ventures.

In this episode, Jon Aidukonis, along with Chris and Kevin Carpenter, the Owners and Operators of Prism Specialties of Jacksonville Daytona Beach, Gainesville and Ocala, share their journey as a father and son business team and offer strategic advice for opening a family run business.

Podcast Key Highlights

• Why Should Parents and Their Adult Children Work Together as Business Partners?
  • Because of their preexisting relationship, most parent-son or parent-daughter business owners already have a clear sense of how to work well with each other.
  • Starting a business with a family member is one way to realize your dreams of financial independence.
  • As a small business owner, you have the opportunity to be your own boss.
• What Is the Best Advice for Parent-Son or Parent-Daughter Duos Who Want to Start a Business Together?
  • Go for it and don’t overthink the process.
  • Select a business that compliments yours and your business partner’s backgrounds and passions.
  • Save extra money for the difficult times.
  • Be prepared to make mistakes.
  • If you are buying a pre-existing business or a franchise, remember that you are not only buying the name, but also all the systems that go along with it.
• How do I Maintain a Balanced Parent-Son or Parent-Daughter Work Dynamic?
  • Make sure each co-owner has a clearly defined set of roles and responsibilities.
  • Keep open communication at all times.
• How Do I Ensure a Smooth Recovery Process if Disaster Strikes My Small Business?
  • Create a list of every single item that you own or simply walk through your property and film a short video of all your possessions on a yearly basis.
  • Develop a series of preventative measures that ensure the protection of your belongings.
  • In the event of a fire, turn off the air conditioner and close the doors behind you as you leave to stop soot from spreading into other rooms and onto your belongings.
  • If you experience flooding, try to turn up the air conditioner. Extremely cold temperatures can prevent mold from growing on your walls until a professional can perform a dry out…[MORE]

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To read the entire article and listen to the podcast at The Hartford Small Biz Ahead website , visit: Family Businesses: How to Run Them Strategically