When the Family and the Business Integrate

Thank you Jen Hamilton of https://www.hamiltoncoos.com/ for inviting me to join you on your podcast.

Your business doesn’t have to be work. If you have the right team, systems, processes and managers, your business should practically run itself.

Why your business is ‘On Fire’ and how to fix it.

What is the most common ‘mess’ that I see in businesses?

My Family Business Experiences

Early Years

I was around the age of 9 when I starting working for my dad in his business. I would go house-to-house providing real estate newsletters to the neighborhood.

In my early teens, I was the office assistant; making coffee, vacuuming, running listings reports for the realtors in the office. It was beneficial because I made money and learned some useful skills. I got to see my dad’s business first hand. I met the people and saw how he led his team.

In high school, I was hired to work at a family friend’s grocery store. This was an eye-opening experience. The business struggled financially and eventually closed. Having a front row seat, I observed the pain and grief caused to the owners, extended family investors, and other employees, some of whom were like family. This experience was tumultuous for the family and hard to watch.

The summer after my Freshman year of college, I had another job with a different family friend. This family business was operated with their adult children, and this exposed my to an additional culture where two families aligned on business strategies and tactics.

My Family Businesses

After completing my undergrad degree, my wife and her mom bought a small business they could run together. It was a balloon business (think flower delivery with a lot more helium). I helped out here and there. Every Valentine’s Day and Mother’s Day I became one of the delivery drivers. Nights and weekends would occasionally require some support for weddings and parties. Unfortunately the business did not do as well as they had hoped. It was a lot of work with very little compensation. They eventually sold the business.

Fast forward to post Silicon Valley years. We had moved the family to So Cal. I became frustrated in my role as an employee. I decided to utilize my MBA (with an emphasis in Entrepreneurism) to buy my own business. I bought an auto repair shop from a husband/wife team who had owned it for 30 years. I was an honest car-guy who loved people. What could go wrong? Well, cars were needing less repairs. Elderly ladies would bring in their Honda Accords for service and asked, “Do I really need to do the 30k Mile Service for $450?” My response was, “No. Let’s just do a $30 oil change and I will have the guys give it a look-over to make sure there aren’t any concerns.” And then the Great Recession started in 2006. The intention was for my wife to bring the kids into the office and work a few hours per week. It turned into her working 7 days per week, dropping off and picking up the kids, and me needing to find an additional job to pay the bills.

That season was one of the most challenging times of our lives and marriage. We eventually lost the business and our home.

For the next 20 years, I worked in Fortune 500 companies receiving a steady paycheck, benefits, and semi-normal hours. We were able to begin serving more in our church and the community.

Friends

Our friends enjoyed making beer in their garage, and the husband/wife team, along with some assistance from their sons would have us and other neighbors over every Friday night to “taste” the variety of brews. They started floating the idea of a restaurant. I pleaded with them not to do it. But when they found a location and committed to the idea, I was all-in to help them avoid failure. Using my MBA and business experience, we worked on strategy, marketing, cost models, hiring, training, finance, and accounting. I was still plugging away at my day job, but offered my assistance whenever available. We had a great opening in 2011. I was one of the initial managers. I didn’t have an official schedule or responsibilities, but did the accounting and coached these new business owners in exchange for great beer and food. They have since sold the business to the second generation. They are still very grateful and thankful for my help in creating a successful business.

It feels great to be able to help someone and know you have been a blessing to them.

What Drives Me?

As a husband, father, child and friend, I feel responsible for my tribe. Whether we are related by blood or years of relationship, I feel like it is my responsibility to ensure that others have what they need. It may not be justified, but it is a feeling that I cannot shake.

I really enjoy working with people and companies who appreciate the value of having a thought-leader on the team. At a typical Fortune 500 company, when you drive $1M of value, it is just a number on a report. When working with a hard working family-led organization, the appreciation is real. When I help someone transform their business, it isn’t just changing a metric. It changes lives.

Family Business Resources

Business Owner Conflict and Business Planning Resources 

Together, with our partners at The Founders Group, we provide facilitation and support for families and business partners who are in conflict – either mired in the loop of unproductive discussions or litigation – or en route to that destructive cycle.

In addition, entrepreneurs and their advisory teams can access resources to assess and clarify business transition preparation, access digital education, and determine additional potential services you may need to add to your advisory team.