Lesson 11

This week was another great week as the semester is beginning to wind down. We talked about family businesses which is something that is has been a big part of my life. My dad started our family company when I was young, so I have grown up being part of the company. The thing I found most interesting was dealing with family business issues such as succession and who will take the reins as head of the family company when the parent running it steps down, what is expected of each family member in the business, and setting boundaries for when business is discussed and when it is not.  I feel like communication is the key. In dealing with succession, a plan needs to set in place. The long term vision of the company needs to be created stating who will handle which positions and what their responsibilities will be. That way everyone understands what their role will be and you have something that can be referred to and enforced.  Another big problem with a family business is not allowing the business to take over family time and family life. Business boundaries need to be set so everyone knows when it is time to talk business and when it is time to relax and enjoy time with family.  This is something we never did growing up, it was business, business, business all the time and I feel like some of the family connections were lost amongst the midst of focusing on the business. Family businesses are great but some extra precautions need to be taken to avoid tearing the family apart.  

The other thing we focused on this week was purchasing an existing business, which is a very viable option. We read a case study that showed the importance of research and understanding what you want and expect when buying and existing business. It is very important that you have this understanding because if you don’t you risk purchasing a company that is not where you need it to be. We had the opportunity to look at businesses for sale and determine which business we would purchase and I really enjoyed this activity. It allowed me the opportunity to really think about what I want to do in the future and then look at viable options of making that happen.

This week was really great and I learned a lot. As far as the $100 project goes I am just working on my final presentation. I did not make as much money as I would have liked but I was able to meet the goal and I am very grateful for the opportunity.