Running a business with a parent might sound intimidating at first, but every parent-child relationship is unique and can be a fulfilling experience, both personally and professionally. Unlike typical business partnerships, working with family is based on trust, respect, and a shared vision for the future. Having a parent by your side is invaluable, offering you the chance to learn from their experience while blending their wisdom into modern customer service approaches. This isn’t just limited to one industry; whether you’re in education or running a restaurant, learning from a parent’s past experiences can give your business an edge.
Creating a collaborative environment where ideas are shared and valued sets your business apart. Here are some tips for families looking to successfully manage a business together:
Building Trust and Connection: Trust and a strong connection are essential when working with family. Use the bond you have to learn from each other. The parent might bring years of industry experience while the child offers insights into current trends and younger consumer preferences. Spend time understanding each other’s roles, ask questions, and gain hands-on experience to gain different perspectives. Combining diverse insights can make family businesses adaptable and dynamic.
Integrated Life: Working together isn’t just about business; it’s a chance to strengthen your relationship beyond work. Discuss how to blend personal and professional lives. Celebrate milestones together, have meaningful conversations, and create lasting memories that help you through the challenges of entrepreneurship.
Different Perspectives, Shared Vision: Working with someone from a different generation is about using unique perspectives while aiming for the same goals. Older generations bring valuable experience and lessons learned from past challenges. Meanwhile, younger members can offer tech expertise and fresh ideas. Embracing these differences can foster a creative and inclusive environment.
Legacy Building: Owning a business as a family is about more than financial success; it’s about building a legacy for future generations. Keep the mission that inspired you in focus, whether it’s a passion for your concept or serving others. Staying true to your values will lead to sustained success and a distinct identity, inspiring a deep commitment to making a positive impact on your business and community.
Macy and Kelly Parke, owners of Mathnasium Learning Centers in North Ogden and South Ogden, Utah, embody these principles. Macy is studying Mathematics Teaching at the University of Utah, planning to teach and manage Mathnasium centers after graduation. Kelly, her father, brought over 25 years of retail experience and a background in women’s soccer coaching to their partnership. Together, they’re using math to help children excel in school and in life. Mathnasium is a globally recognized franchise with over 1,100 centers worldwide.
