In running my company with my husband John, I’m often asked the question ‘What’s the secret of making a family business work?’ Whilst there are numerous factors, I would have to say that having a strong relationship combined with a very good understanding of one another is vital. Once you have the foundations then the rest simply revolves around knowing who does what, where and when.

Both John and I have very clear defined boundaries within the business and we both take responsibility for making our own part of the business work. This way there’s a greater understanding of what the other is thinking which makes day-to-day decision making a lot easier.

Making any business work is down to the commitment and dedication of those in charge; however in a family run business you also have the added challenge of the dynamics of personal relationships to contend with.

Dividing the roles
You must have clearly defined roles within the business and keep your work and personal life as separate as possible. Don’t take home too much and never bring your personal problems into the office. We are both very driven to succeed not only because of personal ambition but because of the emphasis on ‘doing your bit’ in the team. The honesty needed for a successful marriage translates perfectly for a successful business relationship because you understand how to manage each other’s ego and know that each can be relied on to do their part, and do it well with a shared sense of purpose and pride.

With family businesses it’s important that you both manage the company’s direction. When recommending how or where to divide the business roles, you must play to your individual strengths and talents, the roles will then develop naturally as the company grows. There will always be some crossover of responsibilities, but care must be taken not to tread on each other’s toes. Stick to what you are good at and there shouldn’t be any problems. Never undermining each other in front of the staff is also a key aspect of a successfully run management team, related or not.

I have been part of a husband and wife business for over eight years, meeting in the work place three years prior to this, so we both understand what the personal boundaries are and when they should not be crossed. You must be clear on the roles you play in the company and be happy with these chosen roles. We play good cop, bad cop in most meetings we attend and apply the correct amount of knowledge needed within our specialist area to achieve the end goal.

Benefits of a family business
There are many benefits to a family run business. Firstly, the management team shares common working ethoses. Secondly, the extra commitment and loyalty that comes naturally with marriage obviously increases the stability of the company. Also, with potential cash flow issues, you compromise with financial sacrifices to ensure the continued running success.

The opinions of your staff are of utmost importance. Most of our staff would say that they need managers who understand their family life and I’d like to think they could fall back on either one us if they were experiencing any problems. We have quite a young team that are currently going through the ‘baby stage’ of life. Having recently been through this ourselves, we know and understand the problems they will encounter so we’re always flexible with people.

From a client’s point of view, your business is your income, your baby which you have built up. We don’t have share holders to please and it is our belief that the client is key and should be looked after. Honesty is the main policy as well as not letting things drag on. Those are our vows to the company and our clients which so far have served us well.

The final word
A clear understanding for the business, the way it works, commitment to the company and enthusiasm are all essential to make family business work. But when it comes to who gets the final word on business issues it is undoubtedly a team effort and decisions must be made together with the best and strongest case being the deciding factor in which way you decide to go. Managing a successful family business can be challenging, you need to make the right decisions for you, your family and your business.

For more information please visit www.thedatapartnership.com [1]