Here in Idaho I’ve noticed something very striking when it comes to a large number of businesses located in the “Gem State”; they have a large tendency to be a family affair. The quintessential “Mom and Pop Shop”, and if done properly a family business can be a great experience for all members. Not just for the family members involved, but also the clients doing business with the company. I’ve also noticed that when given the chance a large number of people like doing business with this type of business structure.
Parents, children, siblings and several generations of family together can create a powerfully successful business model. Typically, this is because family institutions can be built on familial trust and integrity. Children from a young age can be taught the fundamentals of hard work, diligence, fortitude; and other skills as bookkeeping, inventory management, sales, and customer service. However, one of the main concerns with running a family business that includes your entire family is making sure that everyone is on board.
Additionally, everyone has to share the same passion for the family business in order for this idea to work. It’s also imperative that don’t pressure anyone to join the family business if their heart isn’t in it. Family members who work a business together have to share the same passion for that company.