Like many of you, I work alongside a mixture of blood-related family and long-term loyal employees. We are all juggling to try to take the time to “enjoy” the holidays, closing the year off on a high, building strategies for next year, and wondering if or when we will find a breath. It is [...]
The holidays can bring about a mixture of happy and sad emotions. Entrepreneurial-owned businesses are unique in that your business is a family business. You may employ those related to you by blood and employ loyal people you have grown to care about beyond just dollars and cents. With a family business environment, mismatched [...]
Kendall Rawls is filling in for Dr. Merlot to answer questions he has received from family business owners across the country. Before we get started, you may be wondering who is this Dr. Merlot Dude? The Doc is the straight-talking alter ego of Loyd Rawls, who is the founder of The [...]
A hornets’ nest or even a beehive from afar appears to buzz with activity. It’s quite interesting to watch nature in action, which ironically is very similar to families and working in a family business. There are roles each individual plays and a set of standard operating procedures that allow [...]
Whether directly or indirectly, family dynamics impact the business' ability to be successful, profitable, and, very importantly, scalable. Whether blood-related or not, how family influences business decisions is either an asset or a liability to your culture. Family comes in those blood-related to the owner, key leaders, and even extended family. Creating boundaries early [...]
The focus for this installment of “Dear Dr. Merlot” is Family Governance. Family Governance policies are the first step to create boundaries between the family and the business. The specific question we will cover from Loyd's book Family Business Heartburn Relief: Answers to Gut-Grinding Family Business Questions is: How do the [...]
Hornet nests and beehives buzz with efficiency and productivity. How they operate is similar to many families and family businesses. First, each bee plays a specific role, which is either a drone or worker bee. Then, you have the Queen bee, who sets the tone of the hive and determines the role of each [...]
When your family are employees, understanding how much to pay them is complex. There are no secrets within a business. Believe it or not, your employees will find out if a family member is being overpaid and resent them (and you). Family in the business have formidable challenges just doing their job and earning [...]
Behaviors and attitudes extend beyond the business. How you treat people correlates to their positive or negative involvement with you, your business, and your brand. Following are simple questions to identify the impressions you are creating: Have you created a culture where everyone is encouraged, respected, and provided growth opportunities? Do family dynamics enter [...]
Determining how to pay your children, nieces/nephews, cousins, siblings, uncles, parents, etc can be a complex endeavor, but it also can be simple and straightforward. Dan Schneider; a succession planner with The Rawls Group is filling in for Dr. Merlot to answer questions he has received from family business owners [...]
