Owners and owners-to-be in a family business are in a unique position. Being part of the business can be a rewarding experience with sweet opportunities. But it also comes with significant responsibilities that can lead owners into common traps.
As the face of both the family and the business, owners and owners-to-be are placed under a microscope. Their actions have more influence than they might think, which makes them susceptible to falling into traps—traps that can generate ill will (unintentionally) among employees.
For example, when owners or owners-to-be treat the business as just a paycheck or a fallback, it sets a tone of self-interest. Employees wonder, If the owner’s only in it for the money, why shouldn’t I put myself first, too? Instead, owners and owners-to-be should show genuine passion and commitment to the business. Their energy and hard work will inspire others to prioritize the business’s success over individual gain.
This is only one of the four common traps owners and owners-to-be may find themselves in. Check out “The Common Traps of Working in Your Family’s Business” for the other three traps plus solutions to avoid them.
Read about avoiding common family business owner traps here.
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