Working with your Dad in a family business can be the best decision you have ever made or the worst experience of your life.
For a successful relationship, both parties need to put their egos aside and think about what’s best for the company.
For me, it was the best experience of my life. It gave me knowledge, experience and the chance to spend quality time with my Dad.
Read About Me and learn how I became the 3rd generation to join the family shoe business.
My Dad taught me 13 Rules for success:
- Reputation is everything: Be honest and ethical. All you have is your reputation so build it and guard it
- Treat people right: Make people feel special and important.
- Listen: You may not like what you hear, but you will always learn something.
- Keep your Commitments: Whether you shake someone’s hand or sign a contract: Do what you say you are going to do.
- Go the extra miles: Do what needs to be done and then do more. Don’t’ just deliver, but over deliver.
- Teach by example: Show the world that what you say is what you do.
- Learn by walking around: This is the most important way to learn what is happening in your company. It also gives you a chance to communicate with your employees.
- Give back to the community: Donate time and money to the community that made you successful.
- Compromise is not a dirty word: It shows employees, customers and vendors you are fair.
- Be open to new innovations: Always evaluate any idea or technology that will make your product better or cheaper to produce.
- Pursue your passions: Our time is short. Do not do things you are not passionate about.
- Don’t sweat the small stuff: Decide what’s important and work on those items. The small stuff will take care of it’s self.
- Your first Loss is your best loss: If you have a problem, resolve it at the lowest cost and don’t look back.
Bonus: Leave business problems at the office: My dad and I resolved business problems at the office. The success of our family business was based on separation of business and family life.
Which rule resonates with you? Why?
Can you share other rules you learned from your Dad?
P.S. – Do you need an Outside Director, Advisory Board Member, Trusted Advisor, or Interim CEO? Someone who can help you see your business and your goals through “Fresh Eyes.” Contact me and I will work with you to look at where you want to go and help you find the best way to get there. Sometimes all it takes is someone with a fresh viewpoint, unencumbered by company politics or culture to help find the right solution.