Why Entrepreneurs should motivate their Son / Daughter / Spouse to join their business?
Exclusive for IFA, CFP and MF Distributors
It has been observed that only those business survive for 100 years where their at-least next three generations join in the journey of existing business.
The first generation entrepreneur struggles a lot to build a business from scratch. He puts his sweat and blood right from taking business risk, acquiring clients, earning profits and creating trust among the existing clients.
However his successful journey of the business may end if his next generations wont join his business.
So reluctance of family members for joining the business may jeopardize in many ways such as losing revenue, losing client base, losing good will and eventually losing business.
If the entrepreneur genuinely think of continuing his or her business for next 100 years then he/she needs to think and plan to bring their family members in the business.
However to bring the family members into the business looks simple but not easy. It has many challenges right from decision making to settling them into business.
In this article we will help you to identify advantages, steps , do’s and dont’s for bringing in your family members to your business.
Q1. What are the advantages of bringing family members in your business
Q2. What are the steps to bring and settle family members in your business?
Q3. What are do’s and don’ts for bringing and settling family members in your business?
> Advantages of bringing family members in your business
- Business Continuation
- Business Stability
- Business Growth
- Business Support
- Pass on business wisdom
- Fulfil long term service commitment to client
- Increase client base by connecting to client’s next generation
- Upgrade technology, systems , processes, product
- Innovation
- En-cash royalty and good will
> Steps to bring and settle family members in your business
Step 1: Help your son / daughter / spouse to decide to take interest in family business
Step 2: Help them to explore by attending workshop for self development
Step 3: Help them to plan the career in accordance to this business
Step 4: Help them to progress and settle in the business
> Do’s and Don’ts for bringing and settling family members in your business
Do’s
- Help and assist them to decide by developing interest and excitement about business
- Be patient because it is time consuming process
- Contribute and value add by sharing self experiences
- Identify workshops and training programs and persuade them to attend for development
Don’ts
- Don’t be forceful and dominating.
- Do not question or doubt their abilities and skill set
- Don’t do nagging instead give them space
- Don’t try to train them by yourself instead appoint an expert trainer or coach
About Sparrow’s Sprout
Sparrow’s Sprout is an Institute for Business Solutions exclusive for Independent Financial Advisers (IFP), Certified Financial Planners (CFP), Mutual Fund Distributors and Financial Consultants.
Our Vision
“Creating Sustainable and Multigenerational Business Organisation”
Our Mission
“To Transform Entrepreneurship Into Four Tier Established Organisation and thereby multiply revenue and productivity.”
