Family and Business

Why Personal things are mixed with Business

" A family business and the family itself is difficult to separate so watch continually that family doesn't suffer ..."

Personal and family matters have to be addressed because being in business affects the whole family. When the business fails the whole family suffers. When money is tight the family has to go without. When dad or mum is busy with the business the family misses out. A small family business can never be looked on as being separate from the family. Family and business go together.

Your Wife (or Husband) is Worth more than Gold
If spouses have a respect for and are in love with one another, they each have an irreplaceable ally. Each will be the other’s greatest strength and support and biggest fan. In any business, the balance sheet should show the wife or husband as being the most valuable asset of the business. Never make any decision, even in business or financial matters, without talking it through.

For instance, a wife may know nothing about finances, business strategies or legal contracts. But women have been built with a unique ability to see most situations very clearly and down to earth. Often the wife of a business owner will come out with a statement or suggestion that would never have been considered before. Call it intuition, sixth sense, or whatever - but its there, and it works. Don't ask how.

In a similar fashion, the husband brings the male attributes of seeing a wider view of things. Often he can look past the trees, when a problem arises, because he bypasses the details and sees the whole picture very quickly. Each should respect the other’s gifts and take advantage of the natural “inclinations” that have been custom-built into all of us.

Bring them together and you have a powerful force. As each balances the other, proposals can be reviewed from 2 points of views (your own “board of directors”) before making decisions.

Based on a True Story….
Here’s an example to illustrate the above point.

This is an apparently true story of a businessman who was having a legal fight with a client and each party’s solicitors were handling the matter. The solicitors were issuing action and cross-actions and serving legal document after legal document, with the cost running into thousands and thousands of dollars.

One night one of the men mentioned it to his wife while they were having a quiet cup of coffee and asked what would she do in such a situation.

His wife knew nothing about money matters or legal argument and wasn't even that interested in the essence of the disagreement. She simply said, after thinking about it for a couple of minutes-

"Why not give the other party a ring and try and get together to see if you can agree on your differences?"

The businessman made the call, the other party was more than happy to have a meeting and, between them , without their solicitors, they came to an agreement within 10 minutes and signed a piece of paper formalising the agreement.

Each party had been confused about what the other party wanted. The issues were blown out of proportion. A simple courteous ten-minute meeting resolved what had been going on for months, costing thousands in legal costs and stress.

The moral of the story - always talk to one another about everything. Value each other’s opinion; make use of the gifts and abilities you both have.

Of course it works best when there is love, respect and communication between the couple.