The family in business
Many of the The term “family
business” can cover a most successful
wide range of models. It companies in the can include companies
that are not kept country are
exclusively among family owned by
members and have families. And, admitted other investors in. There are many for sure, many
examples of this business more families model around where the
business is made open dream to have a
for the general public to business of their co-own it – but a certain
family runs it or own. It is an
dominates the ownership. appealing idea
The giant shopping that family malls in the country, for example, are owned by members won’t
families. And so are the have to go on big manufacturing
companies that produce separate ways
all kinds of products working for imaginable. These may
not be the kind of other people.
businesses that most people associate with the term “family business”. A small sari-sari store in front of the family residence is more like it or selling Mama’s sweet cookies that are a sensation in the village or arts-and-crafts items that family members make together.
Family businesses can be made up of husbandwife teams, parent-child partnerships, and, sibling collaborations, but better if it’s a whole-family undertaking. The big business conglomerates there are today started as mere home-based business. A socalled ‘taipan’ that now has major interests in diverse industries – manufacturing, transportation, communication etc. – was once producing wax candles at home with the help of his kids. Then he would peddle the product by bicycle to the nearby towns.
Another example is a pharmaceutical company that now has over 200 products – from cotton buds to soaps to medicines. The family that owns it only had one product to begin with, a medicated emollient for insect bites and other skin irritations. Initially, the brothers that peddled it around would pack the ointment individually in banana leaves, put the ‘packs’ in an ice box to prevent it from melting in the heat of the sun.
There are many examples still, right here in Cebu, although it is now hard to imagine their simple beginnings as they have already expanded well and grown so big. But it’s true: Great things can grow from home. And the family has a lot to gain.
Family members nurturing a business endeavor together profit in various ways. It is good training for the kids and at the same time gets their bursting youthful energies reined in. The parents, for their part, have peace of mind to have everybody within sight most of the time.
Growing children, especially, become more conscious about money. They get to appreciate the value of saving, because they see for themselves what effort it takes to earn money. They become more cautious about spending money away on unnecessary things.
It is upon the parents, though, to communicate to all family members whatever business project the family is embarking on. Everybody shall be made to understand why a business is worth starting. The little ones, who must be involved as well according to their mental and physical readiness, shall be explained using a language they can understand.
It must be kept in mind that the business to be undertaken is not only about financial gains but, equally important, also to train the kids to take control of their own financial future. It may be a good idea to implement a reward system with the little ones; say, an hour more of TV for the one who cleans up after Mom’s baking project or who’s able to deliver the most number of orders of her cakes.
Assignments must be defined clearly for each family member. Each one has to assume some responsibility. When everyone is allowed to do just anything, there’s big possibility that there’s going to be chaos and certain key tasks will be left undone.
Everyone’s expectations shall be managed well. For example, family members shall be made to understand that the money that comes back after all the family-made Christmas decors have been sold is not all profit, that the bigger bulk of it is capital or the money spent in buying the raw materials. The kids’ excited anticipation has to be tempered by telling them that it may take a while before they can begin to enjoy the fruits of their efforts.
Priorities are important. During school days the kids shall not be made to stay late at night because the orders of Dad’s coco monkeys have to be finished and he needs extra hands. The kids may be called to help, say, for an hour – but they have to be allowed time to do their school assignments and go to bed on time, even if they want to stay around.
In the end, even as everybody is so fired up to become successful home entrepreneurs and make a lot of money or change the world, it is important to remember that no amount of success or money can equal the joy of having parents and brothers and sisters doing well together. A family business should be a means for the family to grow closer together, not really for them to individually go their own separate ways or break their precious relationship because they each have the means to be on their own.