There is something incredible about having parents with a business . There is something incredible about having parents with a business that we are interested in. However, stepping up to the plate and working alongside your mom or dad can be really tough, so before you decide you want to take up the challenge, here’s what you need to think about.
Firstly, it’s important this decision is yours. It can be easy for parents to encourage you to get involved from a very young age, but you have to remember that this is your future that matters. Don’t get so caught up in the legacy they want to leave that you lose the future you dreamed of. Even if you took their guidance through school and college, it isn’t too late to apply your education into a different career. You may be passionate about real estate but it doesn’t mean you need to work for your parents company. You might want to get out to the big wide world and create your own path. So before you agree to slip into the business. Sit down and address how you see your future and what it is you really want.
It is important to remember that there are very few family businesses that are successfully handed down to children from parents. Of the ones that are, even less go to the third generation. HPX Advisors often talk of the issues in parents handing down to children, there are positives and negatives so do your research and work out if this is the future you want for your family.
If you decide that the family company is where your future heads then it is important to prepare to start from the bottom. If you are to lead this company one day, you will muster more support and respect if you have cut your teeth doing the shop floor work, before sitting in your own office and delegating tasks. Your parents may not want you to start at the bottom but it is certainly worth pushing the point on this one. So sit down and talk about it before you start work.
You also need to remember that your relationship with your parents may suffer a little. Whilst they have experience under their belt, you have the enthusiasm of youth and a whole host of new ideas. Social media and marketing have really changed over the years, however your parents will know their existing market. Work out how to approach them with new ideas and if you are met with a stone wall, see if you can push a few out on a beta test. Or do a little marketing research of your own, outside of office hours.
The idea of being a part of a family business is really romantic and exciting. If it works then you will be a part of something truly special and hopefully your own children will want to carry the torch too. Just prepare for all the issues that could come your way and remember that it isn’t a guaranteed rise to the top. You may even have a new level of sibling rivalry!