How to Work with Family in Business
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- เผยแพร่เมื่อ 7 มี.ค. 2016
- How to Work with Family in Business- Patrick shares the different schools of thought related to this subject. Do you think it's a good idea? www.patrickbetdavid.com
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@valuetainment How would you determine if a family member is ready to run a business if they had a dysfunctional or back stabbing past ? Thank you
---How to Work with Family in Business---
Key Takeaways:
-When it comes down to money, choose a neutral person (non relative) to run the finances.
-Never lend money to family, always give (for example give 10% of the money asked with no expectations to have the money back).
-Manage the expectations from the beginning
-More logic, less emotion. Business is more logic/numbers, afterhours is more emotion ;)
-Give lots of compliments
-No favoritism, No privileges
-Be transparent with each others
-Develop trust
-Know their long term vision/goals
-Communicate
-Learn how to balance business and relationships
You, sir, are heaven sent
6:45 “salt is family pepper is business.” GOLD!
Patrick i honestly think you have no idea how much you impact peoples lives. You gave me more then you can imagine, and when i reach my goals i will remember you because you made my structure harder and stronger, and in this structure i will build an empire
That's my morning gift Pat. I loves to work with my family because I will control those things that are vital and complicated and they know how good I am and they can't be shit.
wow so help full, i am in the family business , with my whole familie mom, dad, and sisters we are 7 sisters and it is our first, yes it is a start up business!!!!!!!!!!!!!!!!!!! and man is it tough, i have to learn everything, and it feels like i cant learn faste enough! so all, ... and, i meen all of your videos are life savers!!!!! thanks!
How are you doing now dude?
Wow! Patrick, your message is phenomenal. My family and I run a start up restaurant business. This video is so useful.
Thank you so much, Patrick. I loved the video. You have covered such a sensitive topic which causes headaches to many people and suggested such an amazing formula to handle all those challenges that arise while working with your family. Thank you once again.
Dude... this guy is amazing. Thanks Mr Patrick, God bless.
This video was assigned to me as homework for my MBA program! Such a fan of you PBD!!
so glad I found this channel
What has to happen when your brother is your associate and he simply is on defence mode for xy reasons of the past ??? Love the mentorship you guys put in & the team is phenomenal every body at its best! Great work !!
This is so relevant in my life right now. Thanks so much.
Just now watching this video and I love it!
Thank you for addressing this topic. now I know why I failed. I learned from couple experiences to never work for a family member ever again, because most of the them pay less and expect more.
Thank you I truly needed this this morning and I took lots of notes so when I go into the office I will be able to have a very straightforward conversation with my daughters
So insightful. Thanks Pat
Awesome Video! Thank you for the advice.
One question I have is in reference to work ethic. What do you think is most important to keep a high intensity culture? When the issue has been addressed, what else should be done to get your family moving?
Key Takeaways
Make clear the expectations
No favoritism
Clear transparency
Compliment
Partnerships are too sensitive-hold people accountable everyone needs to pull their own weight
No privileges
Trust - business is a new relationship - it needs to develop
Long-term Vision - what do you want long-term?
What do you want? - forget about everything else that everyone wants - let’s make that happen
Then it’s my goal to constantly remind why we’re doing this
Long term vision helps a lot of things get clear
Communication is by far the biggest
Read crucial conversations
Not ignoring but addressing things upfront
At the end of the day your relationship with your family is more important
Thanks for the suggestions!
This is perfect! Thank you very much!
I am so glad that you never lend money to family, give is fine. I am having so so so much trouble right now with lending money to family.. i just dont feel good about it.. and worst is family make you feel guilty if you dont lend money to them...
Thanks a lot Patrick i made sure i watched your three videos uploaded. impactful
Great talk! learned and inspired so much. Thank you very much!
This is very interest conversation from family business to recognize those opportunities in this unique company formation and
find best solutions successfully in middle of challenges.
Thank you very much Patrick, now i know what to tell my dad to do better in managing his company. Family business is tough to me before this video, now i realize is not that complicated. This is one of the best video you made, so helpful and thank you very much.
+Jack Deng You got it. Has you Dad watched this video yet?
+VALUETAINMENT no, he didn't, my father only understand Chinese, but i will tell him what i watched and learned.
Thank you for this
Sooo good!
Im still a teen, but this is shooting ideas all over my head. Thanks! Also pretty good for many other scenarios.
+Conor Jackson You have an edge on every one else if you feed your mind the right content. You can study a ton of content regarding entrepreneurship on www.patrickbetdavid.com. The world is yours if you do it right.
phenomenal
Dope lesson at the ryt time
Thank you so much Patric. We really appreciate you for helping us.thank you so much your videos are very inspiring. I am 20 years old and i learned a lot from your each and every single video. i want to start real estate business but my fear was stopping me but now i am so ready to start business i have to take action. thank you again
Go getem!
I hope you are at top in the real estate business now:)
How is it at 27?
Lol love the ending Pat, thanks for this great video once again
keep your finances in check and don't lend, be clear on expectations and be upfront about it, have a "switch" for family and business, don't favor family just because they're family on the other hand you have to be very honest with them, have a unitary long term vision, over communicate to ensure clarity, family>business
Thank you so much Patric this video helped me out in my situation right now. I recently opened a business with my boyfriend and things are not what I expected. We argue so much and we signed a 5 year lease and I just drag going to work everyday. We just opened 3 months ago so I think I just have to give it time and make changes.
Have you shared this video with him?
+VALUETAINMENT I did and we decided we both can't work in the same building at the same time so we decided to change shifts and not work together. I feel so blessed and happy I saw this video I feel you uploaded this right in time I just can't thank you enough.
+Marsha Esparza That's exactly why we do what we do. Thanks for the Love.
I have an identical situation. I am very straight forward and can be tough on my boyfriend, when it hectic at our restaurant. He takes it very close to heart and we start having a drama in the middle of the service. I do not know how to deal with this.
@@ugjons i hope it works out. i feel the same way about my dad , he is quickly invasive and before we know it , knives are out. I love the guy but our personalities get in the way. I can't 100% put the blame on him
There's an international conference happening this September 28-29, 2018 at the Marco Polo Plaza Hotel, Cebu, Philippines, discussing related topics in depth via speakers from Japan, Spain and Hongkong. It's FEEC 2018 or the Family Enterprise Excellence Conference 2018:
www.linkedin.com/pulse/eight-reasons-why-you-should-family-enterprise-feec-2018-paralisan
Do you have a video that discusses How percentages work and the roles that each partner must take depending on the amount of money, time and labor that one invests in?
I like working in a free environment ( easy to work with and free language) - Friends and family being great. Mario is improving.
+Sleeping Elephant Yes he is. LOL
Honestly, I enjoyed every bit of this episode. It's so informative, educative and intriguing. Many thanks and more grease to your elbow, PBD. Kindly keep the flag flying.
+Olatunde Arowolo 👊🏼👍🏼
But, can you give the Link to download the PDF?
You are good kind of business and good friend. Give what can afford but never lending for money because destroy relatiinship
thnx man ^^
Bringing family members into your business can be a blessing or a curse. We are fortunate to be in the first group, VERY blessed. In fact, the inspiration for our business came from a job my brother-in-law held in his early working life. I was widowed in the spring of 2006, moved to the Republic of the Philippine Islands in late 2012 and married to my second wonderful bride mid-summer of 2016. Maria has worked home-based as an academic writer for 16 years. While I am semi-retired (foreigners have few work options here) I am an active trader of US markets at night. My wife and I often bounced business ideas off one another but we always found flaws in the early plans. That is, until our present active business. Part of her plan was based on my brother-in-law's experience. In short, we saw a need, found a way to fill that need and today own an insanely profitable business here in the Philippines. Do not fear, our business is 100% legal, we have a business license from the mayor's office in our municipality and a trademark. Our only limit to expanding is how much capital we have access to. I see so much potential in my brother-in-law. He dislikes his current job with the government, he is not treated well. I suggeeted he join us. Maria took him out to observe. Several times she had him run things while she stood in the background. He has even gone out on his own without any supervision and done a bang-up job. "Bro" is definitely a person who you would want representing you and interacting with your clients. My wife now has more time to focus on expanding our operation into new areas.
Love hearing success stories of families who make it work.
The question is: How to work in a family business when 3 of its members (CEO is the father, his daughter manages sales and marketing in one of the brands and the youngest son is the graphic designer who spends most of his time travelling or doing other jobs for his own company? He works on my team - I handle the global marketing of the other brand, but it is difficult for me to work with him since there is little sense of responsibility from him. What would you recommend/suggest?
Thank you for the video. Amazing information. I am having a hard time myself with family dynamic. Any ideas on how to lower the animosity and get work g together? I don't want to disown my sisters.
I'm going to put this knowledge to work with my brother and i
hahaha At least Mario learned a lesson. Thank you Pat, this help me a lot
+Andres Moran you got it.
Pat, could you give us a few minutes opinion on running a startup business with a wife. A case of both parties is NEW to the entrepreneurial role. What are the pitfalls to avoid?
Thank you so much Pat. But can you please make more videos related to family businesses. Especially working with BROTHERS. It's more of a competition on impressing Dad instead of teamwork and it gets really difficult and frustrating at times that you even want to quit. But you can't quit 'cause you just can't be the soft one out.
Yes!
Like..4 continouss improvement
Make a video about family business ❤️
It concerns me about inheriting business and when my time is over my son or daughter will crash the business or worse.
its very hard for me when it comes to family business because im very emotional. emotionally hurt when my family borrows money...what i did i create my own business that my mon is the supplier so im not working with my mom anymore but im helping my mom at the same time with no emotional attachment because were in different business.
The only solution is don’t work with friends and family members.
Hi Patrick, this is really helpful. However, if. Have a question.
How can someone who did not manage expectations from the beginning of the business make adjustments later. Things are sour in a way. Kindly share your thoughts on how one can manage the crises that arises as a result of not managing expectations from the beginning of the business.
Lmao the photo of Mario killed me, hahahaha! Awwww!
Iv always worked with family. Mostly with my uncle...he was not bad, always treated well. Now im in the same business with my father and brother and it is ruining what little life i have left. Money isn't a issue its just being beat on without appreciation while they cant even pull there own weight. Ataboy or a pat on the back goes a long way.
I think im going to have to walk away after 6 years an change an a successful business i help build and its a horrible feeling because unfortunately im a pleaser smh. Ps my brother is the golden child leaving me screwed lol.
Thank you pat
What happens when my dad is the CEO, my grandfather started family business..one of my sisters is the COO but she runs the show. She dictates who of us siblings can get involved, it’s her vision, she never talks to us siblings who are shareholders about important big decisions. Some of us are interested in the business and would like to get some exposure without pay, just to sit in some meetings go around different departments just to have a better sense of the business but she doesn’t allow it. My dad allows us, but she puts a stop to everything we suggest or what he allows. She calls all the shots and it’s frustrating. Im labeled as entitled for wanting some exposure. Am I in the wrong?
Oh man xD i was focus into your speech then came down to "You know how a husband and wife know how to rub each other.. i mean.. not .. physically.." and youre face hahaah You made my day xD like i litterally laughed out haha so funny how it came down to this and your reaction after you realized what you just said xD
btw, great video, ill show it to my brother
can you make an post a video on a comparative study on how advantageous or disadvantageous it is to start from scratch as an entrepreneur with the same when it comes to joining and helping expand your family business
+Aishwarya Bogam meaning the difference between doing it yourself or working with family?
+VALUETAINMENT Yes exactly
Thanks because I believe my cousin gonna ask to be in business with me with in the next year or 2
I know someone whose family member came in and wasted finance with no funds returned but he pegged it on one of the ways to grow is through loosing.
The same person has brought in another family member who is already doing the same thing the first did. And the employer is giving him privileges to rule over those he is newer than.
What do you advise?
@valuetainment How would you determine if a family member is ready to run a business if they had a dysfunctional or back stabbing past ?
4 years ago, I used to work in a family business that isn’t related to my profession. Left 2 years later for growth. I was the CEO’s grandson and I had a hard time to hone my skills and communicate with the colleagues because of being related to the CEO
lesson learned:
Working in a Family business a place where it’s safe but never grows.
Yes.... So true. Safe but no room to grow
@@Junior-fd8ux The question is would you survive if they die? Of course you’re gonna get their pensions but money is limited
@@mapoyfrancia2202 yes true. One thing I know about myself is I can survive and thrive thankfully. My brother/ business partner not so much. One thing I've learned about money is it definitely doesn't buy happiness it just makes life a lot easier. I was raised to put everything away for a rainy day, the Rainy Days never come in my family though. Honestly think I just need a good vacation no, it's been well over ten years since I have taken one. Thank you for replying back. Much appreciated hope all is well
He went HAM on mario after the video ended lol
Your topic is very important for me we have s Baker but our kids dont like to work with any more.because we are not making enough money to pay them what they worked for
Can pls tell us what should we do
My father doesn't repose to the problem which I am facing in our business. He just simply listen to the it and says nothing. Can you please help me with this as soon as possible.
Top advice, as usual.
Just seen the other video of yours in regards to what it means to be a mentor vs. motivational speaker.
Now, people(family, in this case) take it really hard to be mentored by one of their family.
It's hard for them to see that a relative is harsh with them. I tried being nice and was even worse for them as they are never challenged to get out of their safe space.
How do you go about pushing your close relatives to challenge their limiting beliefs ?
When you give them books to read, articles to check, videos to watch, courses to learn, tutorials to understand, and they just don't do any of these even if they promised they will... what more can you do ?
I've, literally, provided all this information and oferred help for understanding these things, but they just cannot commit.
I've let go for the moment and let them face the difficulties of being fully independent for some time (if they will be able to), I've let them byte the dust for now. And they are angry and had cut communication with me because they feel they've been let down.
I'll try coming back after 3-6 months and see if they are prepared for commitment.
All in all, have you had a family member being angry at you because they felt they've been let down because you were too harsh on them ? How did you manage that situation ?
+Peter Istrate Great question. Very gently. Family is extra sensitive because they usually knew you when you were just a family member. It's tough to shift from having your brother who use to come home drunk to now advising you on how to become financially free. But the gentler the feedback, the more willing. And if you can find a way for the feedback to be given by a third party, even better.
+VALUETAINMENT Indeed. Time is needed for things to settle down, then take them easy from there.
+VALUETAINMENT Indeed. Time is needed for things to settle down, then take them easy from there.
you walk away
Hi Patrick I watched your video on “How to work with family in business” I want to start an online business. Two of my family members told me not to start this business. I still want to start it because I want stability and freedom. What should I do? Also, I want two of my children to work with me. How should I pay them?
never listen to them ,, start first without your children
I really want to startup a family business but it's in Agriculture (Agribusiness industry) and I'm the brain behind the business and I don't want to fully participate, I'm the one who sourced the money and those involved are my Senior brothers.
What's the best possible way to make sure I we remain in the business and still have that healthy relationship as families. Because they're not true Entrepreneurs all like me, two are civil servants, one is Selling Gasoline and Petrol, Selling Mobile phones and accessories, and the one is working with bottle water company, it's our last born female and Tailor/Fashion Designer who run her small home business. What is the good ways to go about this as business Pat?
I would like to talk to you amundu I'm sorry I cant type your name right but would love to ask you questions
Hi PATRICK.I hope you are doing good.I have a question, soon I will be meeting an investor for the first time and he's willing to invest so I want to know is how I have to convince him to start a partnership with me and at how much percentage and is it possible for me to share the amount of revenue after 1 or 1.6 years.... Thanks ..n have a good day
To sum it up: less emotion, more logic.
Patrick I really want to work with you.
You are inspiring a ton from 10000 miles away.
I'm based out from New Delhi, India.
Could you mentor or hire me to work for you?
Plsplspls let me know if this can work?
The Rivers family. LAC
Whats next?
Thank you I'm a publix warehouse worker and only get payed 1500 and my fiance has to watch the kids i send her 156 every 1 week she will smoke it I'm the only one paying the bills and were moving out next year in March
how can you work with family but still want to do your own business?
I still have this question. No one answered ....
@@neptunenpr3319 hire them as an employee for a specific task , if they are interested great.
I made the mistake of working with family. Unless they are incredibly mature and emotionally stable, do not work with family. I worked with a sibling and expectations were not met, mistakes are made, holding a sibling accountable is unrealistic in most cases. Because they feel entitled to leniency because you are family. It will destroy your business.
But what about the son who hires the father and brings him in as a business partner? I know it’s backwards but it’s my situation lol
disown them socially
In War, there is no father and son. There is only the commander and the soldier.
I work on appartments with my brother and mum, We are the futur and hope to not f* everyting our mum done.
Started a buisness with my dad with just 20,000$ of merchandise new store new company, unkown brand, 0 customers built it into a national company in 7 years that generates 20,000$ a month in RETAIL alone . He got greedy long story short , i’ m homeless now while he’s making more than 20k a month but guess what 😂 he’s not going to last and he knows it !why do you think he kicked me out of the house ?
just to go back to him and apologize and go back to work . 😂
I’m in business with my brother, I introduced and brought him in, I don’t recommend it.
bahahahah poor mario XD
Gee... The way he ends the video is by shaming one of his workers.That doesn't seem healthy.