Celebrating the Family in Family Business
I often ask CEO’s how they carve out time to spend with family.
To date the most memorable, and perhaps practical, “policy” came from a father with three very accomplished sons. He replied, “If my boys and I start talking about business at the house my wife will take away our alcohol.”
Talking about the business, even after the long workday has ended, is an occupational hazard of running a family business.
Every family has a unique way to implement their self-imposed rule to shift from business to family concerns. Aside from preserving cocktail privileges, focusing on the family not only strengthens relationships but can have positive benefits for the business in the long run.
Time spent with family away from the business helps owners, particularly founders, develop new outside interests and plans for life after ownership. Family celebrations deepen connections when family members share experiences and milestones.
Estate attorneys caution, “You never really know someone until you share an inheritance.”
Time with your children and family members dedicated to sharing your religious faith, values, sacrifices and wishes can minimize future misunderstandings. Your succession and estate planning decisions and the potentially difficult inheritance conversations have a greater chance of being understood and accepted if children have developed trusting relationships with the family members in the system.
If you feel you may be at risk for losing your business and family balance here are ideas for keeping the family foremost in your schedule.
Structure mandatory down time or family meals into your schedule. In one founder’s retail company these planned weeknight evenings are affectionately known as “Forced Family Fun”. Another couple developed their personal policy to end all business conversation by 9 pm.
Unplug from emails and set aside screens during the family time. Email auto responses can help. An OSU College of Business course instructor automatically schedules an after hours email reply that notes he typically doesn’t read email after 6pm at night “to spend more time with my family”.
Beware of the industry trade show substituting for a family vacation. If you are bringing the family, and many family business students count trade shows as an important experience in their professional education, take time away from the corporate hospitality for your family.
Take vacations as often as feasible. My personal habit is to decide my next vacation plan as I travel home from my current vacation.
Explore philanthropic service projects to connect the generations and support important social causes in the community.
Make birthdays and wedding anniversaries exclusively about family. These milestones are family-centered reasons to enjoy special meals, capture portraits and celebrate the people behind the business.
If these ideas won’t work and more help is needed, then call on your other CEO or “chief emotional officer”.
The family CEO is that person who keeps the family connected, stewards the history and values harmony more than most. They are leaders of the family and they may or may not be involved in the business. Seek out your family’s leader for insights on keeping the balance between business and family.
All businesses require attention to be successful. Family businesses demand thoughtful stewardship of the business and of the family. Creating opportunities for balance is a reason to celebrate.
