The Joys of Overseeing a Family Business: A Personal Insight

Undeniably, taking over a family business is a unique and rewarding experience. It allows one to work towards their own goals and values, as opposed to the strict confines of a typical job. This article explores the best aspects of overseeing a family business and the responsibilities that come with it.

Working for Yourself: The Ultimate Freedom

One of the most appealing parts of taking over a family business is the ability to work for oneself. Contrary to the traditional job model, where one works 700 hours a week for someone else, a family business provides the freedom to shape one's own destiny. This means that the success or failure of the business is directly tied to one's own efforts and vision.

Contributing to Another's Legacy

When taking over a family business, there is a clear sense of responsibility to the legacy of the business. For many, this can be a profound source of pride and fulfillment. It's about carrying forward the values and objectives that have been established over the years, and perhaps even enhancing them.

As I took over my father's business, I felt a deep responsibility to honor the legacy he built. The decision to contribute to the family's legacy goes beyond just financial gains; it's about the pride and responsibility of maintaining and growing a family legacy.

Striking a Balance

While the benefits of taking over a family business are significant, it is important to recognize the importance of your alignment with the business. If you feel that you are not in harmony with the family business, it might be wise to take a step back and formally assess how you can best contribute to the family and your personal goals. This ensures that your time and effort are directed towards achieving meaningful and positive outcomes.

In my situation, my brother and I shared a deep love and enthusiasm for the business. We were able to modernize and expand the business, turning it into something more relevant and efficient for the future. The fact that we owned and managed the business for 18 years shows the value and impact we were able to have. The sale to a public company marked the successful completion of our mission to make the company better.

The Tragic Side: Absolutist Logic

Not all stories are as positive, however. As D.C. points out, the moment when the true creator and owner of the family business passes away, the responsibility to uphold and grow the business can be overwhelming. In such cases, it is easy to fall into destructive behaviors, much like the examples of drugs, gambling, and excessive travel mentioned.

It is crucial to maintain a sense of responsibility and dedication towards the business, even in the face of personal struggles or external pressures. Keeping a scrapbook of your adventures can serve as a reminder of the hard work and commitment that goes into building a successful family business. This keeps the spirit and legacy alive, even if the current owner is no longer there to uphold it.

Final Thoughts

Overall, taking over a family business can be a profoundly rewarding experience, offering the unique opportunity to work for oneself and contribute to a family legacy. However, it requires careful consideration of one's personal alignment with the business and the willingness to uphold its values and goals.