Business Family Partnerships

Pat Jameson of K & S Industries said, “Business family partnerships often evolve from two or more people recognizing complementary strengths and weaknesses in each other, and each working off each other’s abilities to make a successful business. In this type of situation, it is vitally important that all family partners share the same vision for the company. To ensure that crossed talents and personalities don't cause crossed purposes and disputes down the road, be sure to have a clearly stated, written vision for your company when you establish a family partnership, and that all family partners buy into this vision.”

The Vision Statement of the controlling owner should answer the question, “Why does your business exist as it respects you and your family?” It should also answer the question, “Why does your business exist beyond what it provides for you and your family such as providing professional services to the community?”

Of equal importance in maintaining a balance within the family business are the Vision Statements of each family member in the business. Each family employee must be required to create a written Vision Statement and each of these Statements must be understood and accepted by the other family members in the business. Without this in place there can be no strong, lasting relationship between family members that are in business together.

As much as possible, all family members must understand and embrace the Vision of the controlling owner. The next generation has to learn from the older generation so they understand what the business is, why it is there, and understand the Vision of the owner. They need to follow and support this Vision until such a time, if ever it comes, when it is their turn to make the decisions they want to find their dreams. If they cannot support the owner’s Vision, they should find other employment.

All business owners have different dreams. What you want from your company to meet your dreams is not likely to be the same as what other business owners might want to fulfill their dreams. Your Vision Statement must take into consideration your ideal involvement level in the company. Your Vision will also include many factors that point the way for your Company Vision.

Certainly, family business owners think quite differently about the future than do those owners that do not have family member employees. Remember, the dream is uniquely yours.