Being part of a family business?
At Benedictine University the class I'm taking is Family Business class by Professor Jodi Houlihan
each one of us has a parent or parents that owns their own family business. For some of us we decided that we didn't want take over our parent's family business. Throughout this class we have learned that the more you learn about the family business then that's when you decide if you want to be part of it or not. Now each one of us have different ways of doing things in our family business. For my family business it's always been a place to fall back on if what one really wants to do then the family business is always an option.
Throughout the class we learned that a succession plan is very important to have not just in family business but in any business. Throughout the class we had to go out and conduct interviews and I got the privilege of interviewing three different restaurants and I learned a lot about the family business which is that some days it's good working with family and some days it's not so good. All the restaurants said for family business which is also mentioned in our class from the books is that it's important to use the talents that your family members have whether it's your kids or another family member and use that skill set to incorporate them and their skills into the business.
This class opened my eyes a little more to the idea around family business. I always enjoyed working at my dad's business but it wasn't until being in this class that I really appreciated what he did and the work he put into it.
What I learned from this class is that succession plan is very important and not forcing the kids to take over the business but having meetings frequently to discuss the course of action once the kids reach a certain age to figure out what will be in affect if something were to happen to the owner. Also these meetings allow the kids to voice their opinions on the business.
Family business is a fun business but just like any other business it has it's problems but it's a little different because it's often hard to not bring the family drama into the family business.
each one of us has a parent or parents that owns their own family business. For some of us we decided that we didn't want take over our parent's family business. Throughout this class we have learned that the more you learn about the family business then that's when you decide if you want to be part of it or not. Now each one of us have different ways of doing things in our family business. For my family business it's always been a place to fall back on if what one really wants to do then the family business is always an option.
Throughout the class we learned that a succession plan is very important to have not just in family business but in any business. Throughout the class we had to go out and conduct interviews and I got the privilege of interviewing three different restaurants and I learned a lot about the family business which is that some days it's good working with family and some days it's not so good. All the restaurants said for family business which is also mentioned in our class from the books is that it's important to use the talents that your family members have whether it's your kids or another family member and use that skill set to incorporate them and their skills into the business.
This class opened my eyes a little more to the idea around family business. I always enjoyed working at my dad's business but it wasn't until being in this class that I really appreciated what he did and the work he put into it.
What I learned from this class is that succession plan is very important and not forcing the kids to take over the business but having meetings frequently to discuss the course of action once the kids reach a certain age to figure out what will be in affect if something were to happen to the owner. Also these meetings allow the kids to voice their opinions on the business.
Family business is a fun business but just like any other business it has it's problems but it's a little different because it's often hard to not bring the family drama into the family business.
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