Hello again, Lou Mosca, American Management Services, Orlando, Florida. And today, what I’m going to talk to you about is Family Dynamics. You know, there are 28, 29 million privately held businesses in the United States. And, we at American Management work with quite a few every year. And most of them that we find are second, third, and even fourth generation family-ownedbusinesses. How to Choose Picture Frames to Complement Your Home’s Decorating Style And, as each generation goes along, the complexity to integrate family, and operational efficiencycan become very difficult.
You know, dad or granddad did it his way, and then it became your issue, and now you’relooking at your child, or your son, or your daughter to take over next, and all alongstthe while, we’re so busy sometimes dealing with the family dynamics, we lose sight ofthe fact that we need to be growing revenue, and maximizing profitability. That’s one issue. On the flip side, the next issue is, family rivalry vs. good, solid employees in the business,who feel like they’re not being treated fairly. Decorating With Garage Sale Finds So, family dynamics; mom, dad, granddad, siblings, brothers, sons, sisters, you know, can makethings very, very complicated. So, one of the things we believe is the best family business is that with only one familymember. So, if you’ve got a bunch of family members in your business, each one of them needs tohave their own role, their own responsibility, their own timeline, their own performanceplan, so they’re treated as fair as all the other employees in the company, okay?
Good luck with those family dynamics guys.