Juggling Acts: Balancing Work and Family Life for Family Business Owners
The challenges are intricate and numerous. With anticipation and a solid plan, each can be managed effectively.
The life of a family business owner is a dance, requiring a delicate balance between the demands of work and the commitments to family. While all entrepreneurs face challenges in managing their professional and personal lives, family business owners encounter a unique set of dynamics that can make this juggling act even more intricate.
When you consider the sheer number of businesses owned by families — Family Business reports that, of the 37 million businesses in the U.S., 87% of them are family-owned — these intricate challenges are widespread.
Here are a few you might recognize:
Blurred lines. Most notably, blurred lines are aplenty in the family business owned and operated by you and your spouse. How’s that for blurred lines? Decisions made at the dinner table can spill over into the boardroom or the bedroom. This intermingling often leads to tensions, at best.
Succession challenges. Planning who takes over a family business can be tricky for a variety of reasons that could fill the pages of a large and heavy book.
Dual roles and expectations. Often family members fill several roles, which sets up scenarios where expectations become cloudy, aren’t shared across all stakeholders and are generally misunderstood. This doesn’t even touch on the more complicated roles of, say, the company CEO and father whose adult children are also his employees.
A way of life. A family business is woven into the fabric of families and often defines who they are. It’s not only a family’s sense of place, it’s also their sense of self worth. With these defining emotional associations, business decisions can become very personal very quickly.
So how does a family anticipate the challenges that are sure to arise? The short answer is have a plan for the “what ifs” before they happen. Here are a few items to consider to get started.
Defining boundaries between work and family lives is essential for family business owners to orchestrate harmony and success on both fronts. Establishing clear boundaries is also crucial when family members are employed within the same family business. While the bond of family can enhance collaboration, it also brings unique complexities to the table. Transparent communication is key; setting expectations regarding work conduct, decision making processes and personal boundaries helps to delineate boundaries. By fostering an atmosphere of respect and accountability, families can cultivate a harmonious and productive work environment conducive to success in both business and family relationships.
Prioritizing time management is a necessity when it comes to juggling the demands of work and family life. In the whirlwind of business pursuits and familial obligations, strong time management becomes not just a skill but a lifeline. Learning to delegate tasks, setting clear priorities, and establishing boundaries are all essential when it comes to not only optimizing productivity, but preserving time with loved ones. By mastering the art of time management, family business owners can navigate the dance between work and family commitments with grace, purpose, and a renewed sense of fulfillment.
Setting realistic expectations is vital for families in business striving to balance their work lives and family lives harmoniously. In the complex dynamic of balancing business responsibilities and moments spent with family, it’s easy to succumb to unrealistic ideals or overwhelming demands. However, by establishing achievable goals and boundaries, family business owners can navigate this delicate balance more effectively. Realistic expectations allow for flexibility and adaptability, acknowledging that both work and family life have their flaws. Embracing a realistic mindset fosters resilience and reduces stress, enabling family business owners to cultivate fulfilling lives both at work and at home.
The life of a families in business is a juggling act. Each day rings opportunities, some complicated and others simple. By mastering time management, boundaries and realistic expectations, a business owner can forge an equilibrium between their professional endeavors and personal lives, ultimately enriching both sides and laying the foundation for lasting success and fulfillment.
i3 is a family governance and private asset management firm focused on bringing financial and behavioral harmony to family’s working in or benefiting from multi-generational businesses and generational private assets.