The MHEDA Journal - Second Quarter, 2015 - (Page 36)

CONVENTION FAMILY BUSINESS MATTERS The Benefits and Hazards of Working in a Family Business Having it both ways - a successful business and a happy family. I BY BUDDY SMITH n 1989, my father gained ownership of Carolina Material Handling Services. At the time, I was working in the banking industry and within a few months he approached me and asked if I would join him and my brother in the company. In the 26 years I spent working with my family business, I learned a lot about the dynamics at play in a family-owned business. A family owned business has its advantages and disadvantages. Navigating through the potential landmines successfully can be the difference in not only running a successful business but enjoying a quality family life as well. There is a term "familiarity breeds contempt" and while that is not always the case, Convention Speaker it is certainly a concern that can present itself in a family business. For me, the biggest lesson that I learned from working in a family-business is that there are some conversations that must take place before making that commitment. While these conversations can be uncomfortable at times, the business and the family will both be better off in the long run if they take place before going into business, as opposed to after the first problem arises. There is no reason why a family can't operate together and have a successful business and a successful family life. However, there are tools and principles that have to be intentional and omnipresent to make that happen. Communication Is Vital One thing that I have experienced and seen other companies experience is the dynamics of the family carrying over into the business. Whatever the dynamics were growing up and how the family communicated and who had different roles in the family tend to show through when running a business. When you bring people who have grown up together and developed communication habits that may be normal in a family environment,they often don't translate to a business environment. There are a lot of heightened emotions in a family. A lot of anxiety. And sometimes in a business environment when the pressure is on and tense discussions happen, anxiety and emotions are heightened. That's the opposite of 36 MHEDA | themhedajournal.org http://www.themhedajournal.org

Table of Contents for the Digital Edition of The MHEDA Journal - Second Quarter, 2015

President’s Perspective
From the Desk of Liz Richards
Editor’s Note
MHEDA University Calendar
Ask Your Board
MHEDA MEMBER PROFILE Cisco-Eagle, Inc. BY STEVE GUGLIELMO
@ WORK Sarah Fiola, Tri Lite, Inc.
INDUSTRY PULSE Second Quarter Projections
GROWTH AS STRATEGY How to strategically plan and execute a growth strategy BY JERRY WEIDMANN
THE BENEFITS AND HAZARDS OF WORKING IN A FAMILY BUSINESS Having it both ways – a successful business and a happy family. BY BUDDY SMITH
Exhibitors’ List and Floor Plan
Exhibitor Summaries
ROCK STARS CREATE UNIQUE EXPERIENCES Enhancing your value proposition BY JIM KNIGHT
WHAT DOES A WINNING SALES STRATEGY LOOK LIKE IN 2015? BY RYAN ESTIS
THE SHIFT: A FORCE OF CHANGE IN THE NEW WORLD OF WORK BY SETH MATTISON
THE SEARCH ENGINE AND SOCIAL MEDIA RELATIONSHIP BY BRIAN BLUFF
New Members
Spotlight on Association News
Index of Advertisers by Product Category

The MHEDA Journal - Second Quarter, 2015

https://www.nxtbook.com/naylor/DISQ/DISQ0418
https://www.nxtbook.com/naylor/DISQ/DISQ0318
https://www.nxtbook.com/naylor/DISQ/DISQ0218
https://www.nxtbook.com/naylor/DISQ/DISQ0118
https://www.nxtbook.com/naylor/DISQ/DISQ0417
https://www.nxtbook.com/naylor/DISQ/DISQ0317
https://www.nxtbook.com/naylor/DISQ/DISQ0217
https://www.nxtbook.com/naylor/DISQ/DISQ0117
https://www.nxtbook.com/naylor/DISQ/DISQ0416
https://www.nxtbook.com/naylor/DISQ/DISQ0316
https://www.nxtbook.com/naylor/DISQ/DISQ0216
https://www.nxtbook.com/naylor/DISQ/DISQ0116
https://www.nxtbook.com/naylor/DISQ/DISQ0415
https://www.nxtbook.com/naylor/DISQ/DISQ0315
https://www.nxtbook.com/naylor/DISQ/DISQ0215
https://www.nxtbook.com/naylor/DISQ/DISQ0115
https://www.nxtbook.com/naylor/DISQ/DISQ0414
https://www.nxtbook.com/naylor/DISQ/DISQ0314
https://www.nxtbook.com/naylor/DISQ/DISQ0214
https://www.nxtbook.com/naylor/DISQ/DISQ0114
https://www.nxtbook.com/naylor/DISQ/DISQ0413
https://www.nxtbook.com/naylor/DISQ/DISQ0313
https://www.nxtbook.com/naylor/DISQ/DISQ0213
https://www.nxtbook.com/nxtbooks/naylor/DISQ0113
https://www.nxtbook.com/nxtbooks/naylor/DISQ0412
https://www.nxtbook.com/nxtbooks/naylor/DISQ0312
https://www.nxtbook.com/nxtbooks/naylor/DISQ0212
https://www.nxtbookmedia.com