Comments on: Creating structure in a family business http://smallbusiness.blogs.cnnmoney.cnn.com/2008/12/29/creating-structure-in-a-family-business/ Editors from FSB magazine answer your pressing small-business questions. Thu, 05 Nov 2009 16:07:19 +0000 http://wordpress.com/ hourly 1 By: Mike Stanislaus http://smallbusiness.blogs.cnnmoney.cnn.com/2008/12/29/creating-structure-in-a-family-business/#comment-1934 Mike Stanislaus Thu, 06 Aug 2009 16:52:42 +0000 http://askfsb.blogs.fsb.cnn.com/?p=863#comment-1934 Understanding the business nature of your drywall business is paramount. Project management, field operations, and office/admin are all different skillsets. An excellent reference manual is <a HREF="http://www.contractor-city.com/basconmansup.html" rel="nofollow">Basic Construction Management</A>. This is a fantastic resource to get your feet on solid ground and figure out who should do what for maximun profitability. cheers, <a HREF="http://www.contractorcity.com" rel="nofollow">Mike</A> Understanding the business nature of your drywall business is paramount. Project management, field operations, and office/admin are all different skillsets.

An excellent reference manual is Basic Construction Management. This is a fantastic resource to get your feet on solid ground and figure out who should do what for maximun profitability.

cheers,
Mike

]]> By: Andres Montejo, Miami Florida http://smallbusiness.blogs.cnnmoney.cnn.com/2008/12/29/creating-structure-in-a-family-business/#comment-1772 Andres Montejo, Miami Florida Wed, 20 May 2009 18:14:13 +0000 http://askfsb.blogs.fsb.cnn.com/?p=863#comment-1772 I believe creating goals does achieves many important roads to sucess. You and your dad need to make a strategy both marketing and business and be on your track to suceess. I believe creating goals does achieves many important roads to sucess. You and your dad need to make a strategy both marketing and business and be on your track to suceess.

]]> By: Jerry New York, NY http://smallbusiness.blogs.cnnmoney.cnn.com/2008/12/29/creating-structure-in-a-family-business/#comment-1731 Jerry New York, NY Wed, 29 Apr 2009 16:02:14 +0000 http://askfsb.blogs.fsb.cnn.com/?p=863#comment-1731 We have a family-run <a href="http://www.maidoncall.com" rel="nofollow">maid service in new york</a> and depend on *written* job descriptions to ensure that family and friendship do not interfere with what the business and the customers need. Written job descriptions take a lot of the guesswork out of accountability and job performance reviews. We have a family-run maid service in new york and depend on *written* job descriptions to ensure that family and friendship do not interfere with what the business and the customers need. Written job descriptions take a lot of the guesswork out of accountability and job performance reviews.

]]> By: Jerry H, New York, NY http://smallbusiness.blogs.cnnmoney.cnn.com/2008/12/29/creating-structure-in-a-family-business/#comment-1729 Jerry H, New York, NY Wed, 29 Apr 2009 15:25:37 +0000 http://askfsb.blogs.fsb.cnn.com/?p=863#comment-1729 We run a <a href="http://www.maidoncall.com" rel="nofollow">Maid Service in New York</a> and have found that having clear cut (written) job descriptions helps employees be accountable and professional even if they are friends or family. Written job descriptions are essential for performance reviews as well. We run a Maid Service in New York and have found that having clear cut (written) job descriptions helps employees be accountable and professional even if they are friends or family. Written job descriptions are essential for performance reviews as well.

]]> By: Mark, Plano, Texas http://smallbusiness.blogs.cnnmoney.cnn.com/2008/12/29/creating-structure-in-a-family-business/#comment-1556 Mark, Plano, Texas Tue, 24 Feb 2009 06:22:01 +0000 http://askfsb.blogs.fsb.cnn.com/?p=863#comment-1556 I think it is wonderful that you are doing business with your family. For over 12 years my wife and I have worked together with small business owners and actually teach a program at SMU here in Dallas. Here are my top 5 things to remember when you go into business together with a family member or spouse. 1. Site down and get on paper a clear vison of the company. Your vision and your dads. Include bother personal and professional goals related to the business. Meaning how will you or the company help you meet the goal. 2. Write down what you love to do in the business and what you do not. One huge mistake we see is people dividing up the the company based on experience. Sounds great on paper, but if you hate it even though you are good at it...in the end it will hurt the business and your relationship. 3. Find a third party right away that is not family that will be your designated mediator on any business isssue. It avoids things like adding a brother, sister, mom to your group and the hated why do I bother mom always agrees with you! 4. Have fun... Sounds Simple right...NOT. do something fun in the business at least once a week. ANYTHING. My wife and I go to a long lunch every now and then, to a movie, something together during the week. We usually leave with better business ideas and a better sense of connection since we WORK most of the time. 5. Decide on how much money you need to live the life you wanted and how much to put back in the company. Be equal owners and take a equal share if you are partners. That helps get rid of the you get paid to much not enough. I wish you all success and want you to know that you can have a very successful business with family while spending quality time with the ones you love. If there is every a time when your visions of the company don't match, a buyout of the other member, or sale of the company is the best option to maintain a tight family relationship. Mark COO http://www.rapidsuccesspartners.com I think it is wonderful that you are doing business with your family. For over 12 years my wife and I have worked together with small business owners and actually teach a program at SMU here in Dallas.

Here are my top 5 things to remember when you go into business together with a family member or spouse.

1. Site down and get on paper a clear vison of the company. Your vision and your dads. Include bother personal and professional goals related to the business. Meaning how will you or the company help you meet the goal.

2. Write down what you love to do in the business and what you do not. One huge mistake we see is people dividing up the the company based on experience. Sounds great on paper, but if you hate it even though you are good at it…in the end it will hurt the business and your relationship.

3. Find a third party right away that is not family that will be your designated mediator on any business isssue. It avoids things like adding a brother, sister, mom to your group and the hated why do I bother mom always agrees with you!

4. Have fun… Sounds Simple right…NOT. do something fun in the business at least once a week. ANYTHING. My wife and I go to a long lunch every now and then, to a movie, something together during the week. We usually leave with better business ideas and a better sense of connection since we WORK most of the time.

5. Decide on how much money you need to live the life you wanted and how much to put back in the company. Be equal owners and take a equal share if you are partners. That helps get rid of the you get paid to much not enough.

I wish you all success and want you to know that you can have a very successful business with family while spending quality time with the ones you love. If there is every a time when your visions of the company don't match, a buyout of the other member, or sale of the company is the best option to maintain a tight family relationship.

Mark
COO
http://www.rapidsuccesspartners.com

]]> By: Jen Mableton, GA http://smallbusiness.blogs.cnnmoney.cnn.com/2008/12/29/creating-structure-in-a-family-business/#comment-1403 Jen Mableton, GA Thu, 08 Jan 2009 20:34:26 +0000 http://askfsb.blogs.fsb.cnn.com/?p=863#comment-1403 I'm in business with my mom as well. So I understand your plight! A program that REALLY helped my out as a business owner is http://www.fasttrac.org/ It's an actual course you take that last about 3 months once a week on Fridays. So it fits your schedule. IT REALLY was a life saver for our business. Because as a small business owner...you really don't know...what you don't know! I'm in business with my mom as well. So I understand your plight! A program that REALLY helped my out as a business owner is http://www.fasttrac.org/
It's an actual course you take that last about 3 months once a week on Fridays. So it fits your schedule. IT REALLY was a life saver for our business. Because as a small business owner…you really don't know…what you don't know!

]]> By: Jerry, Atlanta GA http://smallbusiness.blogs.cnnmoney.cnn.com/2008/12/29/creating-structure-in-a-family-business/#comment-1401 Jerry, Atlanta GA Thu, 08 Jan 2009 14:51:03 +0000 http://askfsb.blogs.fsb.cnn.com/?p=863#comment-1401 We run <a href="http://www.amazoncleaning.net" rel="nofollow">Atlanta House Cleaning</a> out of Atlanta Georgia. A sound business model is critical to success. We have found that written policies and procedures with no ambiguity is the way to go. In addition, having some teeth behind them, for example if the employee who made the mistake shares in the discount that the customer received, it tends to make them learn very quick and thur reduce complaints. We run
Atlanta House Cleaning out of Atlanta Georgia. A sound business model is critical to success. We have found that written policies and procedures with no ambiguity is the way to go. In addition, having some teeth behind them, for example if the employee who made the mistake shares in the discount that the customer received, it tends to make them learn very quick and thur reduce complaints.

]]> By: Brian Javeline, Pompano Beach, FL http://smallbusiness.blogs.cnnmoney.cnn.com/2008/12/29/creating-structure-in-a-family-business/#comment-1377 Brian Javeline, Pompano Beach, FL Sat, 03 Jan 2009 01:57:48 +0000 http://askfsb.blogs.fsb.cnn.com/?p=863#comment-1377 One suggestion is to immediately get the basics of your business automated. Many father-son teams experience the collision of being a handyman versus being technology savvy. Give www.MyOnlineToolbox.com a try to have all your scheduling, estimates, work orders and invoices online. One suggestion is to immediately get the basics of your business automated. Many father-son teams experience the collision of being a handyman versus being technology savvy. Give http://www.MyOnlineToolbox.com a try to have all your scheduling, estimates, work orders and invoices online.

]]> By: kate, lagrange, OH http://smallbusiness.blogs.cnnmoney.cnn.com/2008/12/29/creating-structure-in-a-family-business/#comment-1367 kate, lagrange, OH Tue, 30 Dec 2008 20:05:45 +0000 http://askfsb.blogs.fsb.cnn.com/?p=863#comment-1367 the best book I ever read on this subject was "the e-myth revisited". It is low cost, and it details the solution to this and so much more in a clear, concise fashion. the best book I ever read on this subject was "the e-myth revisited". It is low cost, and it details the solution to this and so much more in a clear, concise fashion.

]]> By: Thomas Deans http://smallbusiness.blogs.cnnmoney.cnn.com/2008/12/29/creating-structure-in-a-family-business/#comment-1365 Thomas Deans Tue, 30 Dec 2008 02:15:05 +0000 http://askfsb.blogs.fsb.cnn.com/?p=863#comment-1365 Every Family's Business --- a must read for everyone involved in a family business www.EveryFamilysBusiness.com Every Family's Business — a must read for everyone involved in a family business
http://www.EveryFamilysBusiness.com

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