Family in Business

Running a jewelry store or any privately-owned business is challenging today.  You’re confronted with a multitude of tasks that seem to pull you in every direction, almost simultaneously.  And because most jewelry businesses are family businesses, that often creates even more challenge for the owners.

All too often, parents think (or hope) their children will take over the business as they slow down in their later years.  Many children don’t want any part of a jewelry business that they saw their parents toil over for years, even decades, while others find the same love their parents had and thrive in the business.

A big problem occurs when parents more or less promise the business to the children, but never let go of it.  I know of one such situation where the father died in his 80s without ever turning the business over to his son, who was in his 50s.  This is a sad situation, but it happens all too often.

Another problem occurs when children assume they will get the business before they are ready to take it over, and especially if they have a half-hearted commitment to it.  Parents want to see a similar dedication to the business that they have, and are usually willing to let go if they have confidence in the direction their son or daughter will take it.

Every generation is different, and it is often the new generation that is well-equipped to take the store or business into the future.  But this has to happen through a thoughtful and realistic transition plan.  Such succession planning is vital to every business, but is particularly important in family businesses because quality relationships must be maintained for the good of the family.

If you need help planning a transition in family succession, I encourage you to get it.  It could well be the most important thing you do for yourself, your children, and the success and longevity of the business.

 
Values

Values are the standards of truth that you hold yourself to.  They tend to be rooted in the past, but are held in the present.  They form the basis of your beliefs in life and in business.  They guide your thinking, even your conscience.  They tell you right from wrong, good from bad, weak from strong.

Values also touch the heart.  They elicit strong emotions, even passion.  They excite and arouse you to action.  They can also bring heartache and sadness.  They answer the big question of why we do what we do the way we do it.

Values are to be preserved because they represent who you are.  They stand for what you believe in, and, often, what you’ll die for.  They can’t be compromised or diminished.   They are handed down.  They are part of you.  They are you.

Hold tight to your values.  They may be all you have and hold dear.  Never let them go.

 
Here are a few Business & Life Tips to think about…..

Business Tips:

• What’s in a name? Everything. Guard your name, your identity, your reputation, your image, your brand. Guard everything.
• Doing or saying nothing in a meeting is a waste of everyone’s time. Don’t go if you can’t or won’t contribute.
• Some combination of leadership and management is critical for all small businesses, and must be driven by you!

Life Tips:

• Nothing stays the same. Everything changes. There is no going back. Look forward. And hold fast to your values.
• Every once in a while you run into a very mean person who says terrible things to you. Disregard it, and rise above it.
• Communication must be effective, not necessarily eloquent. Don’t over-complicate it. Make it meaningful and fully understood.

Tags: Advice, Business Development, Business Tips, Determination, Developing Leaders, Dreams, Ethics, Family, Friends, happiness, Integrity, Life Tips, Management, Personal Development, Reality, Relationships, Reputation, Sales, Success, The Mind of a Leader, Values, Vision, Wisdom