Retail Observer

August 2019

The Retail Observer is an industry leading magazine for INDEPENDENT RETAILERS in Major Appliances, Consumer Electronics and Home Furnishings

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RETAILOBSERVER.COM AUGUST 2019 62 W e can define family-owned businesses as businesses where two or more family members are involved, and the majority ownership or control lies within a family. Family-run companies have always been an important pillar of our economy. They are very often part of the foundation on which our communities have been built, and on which they still stand. We too easily forget this legacy, and the importance of passing on a family trade to the next generation. We send our children off to college, hoping it will open doors to a path that is "better" than the one we've traveled. And I often wonder why? Was the family business not good enough? Were we not able to put our children through college by working hard at the business? Did it not provide for us and for other families over the years? What's wrong with passing on a valuable trade? It may be important for the survival of the family business to invite these individuals to work in the business for years to come. When a family owns and operates a business, the demands can be unrivaled in any other occupation. The owner is almost always on the job – whether at home or on vacation, the phone is always on. It's been likened to having an infant child who needs our constant, full attention. You'll nurture the child during long nights, and your concern for its welfare will consume you. It's your baby, and you expect every family member to care for it as much as you do. But do they? Weighing the good and bad aspects of running family businesses, we must start with the pecking order. I've had the pleasure of working for several family-owned businesses that were all run by a family patriarch – the strong father figure – the Boss – who gave the orders and made sure they were carried out in the smallest detail. The second in command was generally the matriarch or the first- born son, or sometimes a brother or daughter. Other family members found their place in the hierarchy – or they didn't. Family- owned businesses can be tough environments. Thankfully, the traditional structure of the family-owned business is evolving with the times. We're seeing more wives and daughters stepping up as first or second in command while the patriarch takes a step back. It's a positive direction that need not be feared. With evolving technologies, businesses need someone who'll stay current and able to look forward. If we imagine that sweeping high- tech innovations won't affect our family-run businesses, we're only kidding ourselves. And this is where the next generation generally steps in. In a family-run business, there's still often a natural-born young successor who's ready to take over the reins. That's a crystal- clear advantage that deserves to be heartily embraced and endorsed. Of course, not every day at the family-run store will be a bundle of fun. The reality is that working with our close family members is one of the most soul-rewarding – and difficult – things we can do – particularly so if you must work with a spouse. Let's face it, families argue – it's who we are. The challenges of the daily routine will inevitably create "discussions" that may take place in front of other employees. Not the best situation for morale, but maybe we don't have the presence of mind to take it to the backroom or the office. We have a problem that needs to be addressed immediately. A shouting-match can seem the quickest path to a resolution, but we should realize that it can be a deeply harmful habit that might deserve our special attention. We tend to be shorter on patience with our own family members than with unrelated employees, and we find it easier to criticize each other's performance and decisions. So much for the warm-fuzzy image of the happy family business – as I said, it's a rough environment, and many families call it quits after discovering that they really cannot work together. But it can get better, if you take time to recognize that generally speaking what's important to you is equally important to those closest to you, and that if you can agree on your goals you'll be better able to work toward them together. Whether it's your spouse, your children or your siblings, you need to find out how you're all invested in working together toward your mutual success. If you can discover a bond in working for a common goal, it will build a level of trust that will help you take the good with the bad. Renee Galioto, Island Appliance Repair S E R V I C E D E P A R T M E N T RO WORKING WITH FAMILY

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