Perspective is Everything
What is a family business?
How does a family know if they have a family business? I attended a conference a couple of weeks ago and listened to a third generation member of a family in which his grandfather’s business invented the Coca-Cola glass bottle. Without family input, his father sold the business and distributed the wealth to the family. Afterwards, the family decided to pool their wealth and began doing charitable work, as well as investing in other ventures. The family considers themselves a family business. What about the Walton family? I wonder if the family members of Sam Walton consider themselves a family business. In family and family business, perspective is everything.
Is this a Family Business?
I look back on my 16 years as President of a business that was owned by my parents, and realize that my perspective established my mindset by which I made decisions. To establish my perspective I asked myself the question, is this a family business? I did this frequently, but there were three crucial moments in which the answer to this question was a turning point for me, the family, and the business. The first time was at the dinner table when my parents asked me to come work for them. They stated they could use the help, and then my dad clarified that your mom you could use the help. After accepting the offer, I asked myself, is this a family business? I answered yes. To me, this meant I would do things that were best for the family. The second time came after I was President of the business for 9 years and my dad told me that he had offered my younger brother a job in the company, without my input. I asked again, is this a family business? I answered yes, accepted my brother willingly, and treated him as a family owner and leader of the business. The third time happened during my last year as President while dealing with a buyout offer by a competitor. During this period, there was more talk of individual family members needs and wants than the family business needs, so I asked the question, is this a family business? My answer was no. My perspective had changed from the day I first asked the question, is this a family business? Of course, there would have been numerous other factors at play to reach this answer, but it was the first time I could not say yes, this is a family business.
I’ve mentioned in previous blogs the strained relationship with my family. I am working to accept responsibility, increase my vulnerability, and be accountable to try to improve. Now, I ask new questions, is this a family? What do I need to do to be a healthy family member?
