Should Your Kids Care About Your Business?
In the last article, we discussed the importance of setting up a family council to get you and your spouse on the same page.
We casually brought up bringing the kids into the conversation. So this article we want to specifically talk about your kids.
Do your kids care about your business?
If you hope to one day have your child(ren) be actively involved with the business and someday take over, you may want to get them involved now. - Regardless of their age
They Won't Care Unless You Do
Caution: I'm not talking about forcing them into the business but educating them about life with a business.
We've seen many first-generation businesses fall to the wayside because the next generation doesn't want to take over.?
These are some of the reasons based on our observations:
All this boils down to communication. The earlier you educate them about the business, value their input as they age, and become involved with the business, the more likely you'll be able to transition the business to the next generation.
Even if none of your children end up taking over, bringing the business into the family conversation will make your relationships stronger. But you have to be intentional about it as it doesn't just happen.
Here are a couple of simple things you can do to involve your children even if they're still very young.
1. Involve Them In Family Meetings
We recommend you and your spouse have weekly meetings to discuss family and?business issues. Maybe once a month, bring the kids into the conversation too.
You might start by asking what?they?think the business is about.
This could be a great way to educate them on the value of?the business, how it helps your customers and provides for your family and the families of your team. It's also a great way to develop their problem-solving skills by posing a simple business issue and asking for their feedback once in a while.
You never know, they may even come up with a viable solution and it might become a regular "game" that bonds the family.
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2. Celebrate With Them
As you set and meet business goals, attach a celebration for the whole family to participate in.?Whether it's landing a major contract, reaching quarterly sales goals, or another milestone, let the family know what you're trying to achieve and what you're going to do to celebrate.
The celebrations don't need to be elaborate. It could be a day at the park, ordering your favorite pizza, or a weekend getaway.
Match the celebration to the size of the milestone.
This gets everyone involved and teaches them to celebrate the wins. As high achievers, we can often forget to celebrate and not recognize the wins.?This will teach the kids that it's okay to be grateful for what you've accomplished.
Even if you don't reach your goals, share that as well. It's good for your kids to understand that setbacks are part of life.
You can't win them all but what's more important is how to overcome disappointment.
It's a Win, Win
I hope you can see, that letting your kids in on the day and life of a business owner will do a variety of good things for your family.
It will bring you closer together, teach them some practical skills, build appreciation for what you do, and cultivate them to possibly take over one day.?
At your next weekly meeting, invite your child(ren) and start the conversation.
Let me know how it goes.
Remember, make it fun!
Here's to your success,
Robert Fukui
P.S.?If you want to pick our brains, feel free to?book a complimentary discovery call?We’d be happy to help you win in marriage and business.
Biography:?Robert and his wife Kay Lee run a consulting business that assists entrepreneur couples to create better balance in life and business. If you need a roadmap for greater work-life balance, buy their newly released book,?Tandem:?The married entrepreneurs' guide for greater work-life balance.