The family business advantage
Succession? Chances are you’ve already started
Last year I began a new designation called the Family Enterprise Advisor (FEA). A comprehensive designation that dives into the many layers of family business dynamics and continuity. Our cohort was full of accountants, bankers, and investment advisors. Upon arrival, I realized I was the youngest and most likely the least experienced person in the room; reminding myself to be grateful to be there and that I would gain an immense amount of knowledge from the experience in the room alone.
There was a family business in our cohort, an entrepreneur and his successors, who are his daughters who together ran a 360 employee company. They shared openly about their experiences, but from different perspectives as they were a multi-generational family business.
The oldest daughter told us about her earliest memory of going to work with her father, “I started going to work with Dad when I was five years old; we would tour the office then drive to a current development project, he would tell me that this building will be the biggest and best office building in the city”. I loved that story for a couple of reasons: 1) because Dad was planting the seed at a very young age, and 2) it was enough to resonate with any farmer whose parents/grandparents took them to 'the office' when they were young.
Being raised by entrepreneurs give us a unique edge. We begin mentorship within the business earlier than most. Consider the normal career development timeline of those who were not exposed to business mentorship at a young age, learning in their respective field doesn’t begin until late adolescent or post-secondary education. For those with clarity they’ll naturally begin to chart their future and go get it done. These are the folks who will be working very hard to make it happen when the others rest on their laurels. Gaining that edge at a young age gives them a leg up as experience and knowledge compound over time.
Working in the family business is one of the hardest, yet most rewarding experiences you will ever have. Being raised by a strong entrepreneurial example gives you a competitive edge over age. Your passion, and commitment to the business throughout your own development is your unique advantage.
Danielle