The allure of a family business is near universal. It's part of the American dream, a chance to build something for your children and grandchildren to work toward and benefit from for years to come.
Of course, every family business has to start somewhere--and yours can start with you!
In today's blog, we're taking a look at the factors to consider when you're thinking about starting a family business.
Don't be afraid to buy
An unconventional way to start your family business--but one worth considering--is to buy your business then rework it with your family vision in mind. The start-from-scratch mentality is not for everyone, and you can still shape and pass down a business even if you weren't the one who started it. While some sales see new ownership maintaining the look, feel, and spirit of a company, others use the existing infrastructure to serve as the foundation for their own unique ideas. The latter is perfect for family-minded owners!
Go with what you know
Shaping your company to suit your passions, interests and experience is a helpful idea for any kind of business--but family businesses most of all. You want to create a business you and your children feel proud of passing down, something that speaks to who you are as a family. Whether that means utilizing old family recipes in your café, or turning a family passion for music into a business, a great starting point is whatever you know best.
Pick your family partners
The line where family meets business can be sketchy for some--but going into the process with a clear idea of who you have on your team (and what their roles will be) can make all the difference in the world. When it comes to buying or starting a business for the family, it definitely helps to consult with your would-be partners and employees to see who's on board and where they can be used best.
Speaking of family roles--it helps to be realistic! Don't assume that running a business is something your children or grandchildren will automatically be interested in. Instead, talk your ideas out! The feedback you get, good and bad alike, will help you gain a better idea of what your business will look like before it begins.
We hope that today's blog helps you get a better understanding of what it means to take your family dynamic into the business world. If you're ready to take that next big step, call BizVolusia and see how we can help along the way!