Maintaining healthy family dynamics while running a thriving family business can be challenging. There is a continuous need for scanning and improvement of the building blocks or the foundation of the business. In addition, it is integral to have a succession plan in place that is well-communicated among the children. Matt DiFrancesco is joined by Ron Delano, who sheds light on overcoming challenges that one can encounter while building a family business from the ground up.
A successful business needs a solid, well-communicated, and comprehensive business plan. Furthermore, all family members should have regular family meetings to know the situation and decide on the way forward together. You can learn more regarding the need for family meetings here. If you need assistance regarding any financial matters or require someone to schedule a family meeting, you schedule a free 20-minute conversation with Matt DiFrancesco from HighLift Financial.
Introducing Ron Delaney
Ron is a successful business owner of “Ron’s Collision Center” in Somerset, Pennsylvania. It is an auto body and collision repair shop. Ron and his family have been in business for over 30 years. During his business journey, he dealt with and overcame many of the challenges of building a business and learning how to incorporate his family.
The Biggest Struggle For Ron
Most family-owned business owners assume that their children will be a part of their business and keep growing. However, sometimes it is way more beneficial for the business if the children walk away. So, when they return, they have more to offer in terms of skills and what they have learned from their experiences. Ron’s most significant struggle hasn’t been the business journey but the understanding of where his children are in terms of being a part of it.
Kids that are a part of a family business grow up in it. However, they have never seen the toil and struggles like their parents. So, they do not understand why their parents are so invested in the idea of passing their business down to future generations. As a result, they have a distorted perception of what it takes to build a business. It is always integral to keep a family and business balance.
The Anti-Thesis
Business owners indeed struggle with passing on their success to the next generation, equally passionate about growing it further. However, it must be noted that as we mature, we gain wisdom. Sometimes, the interest might just spark up naturally in the kids. In case it doesn’t, then it is essential to keep their concerns and ambitions in view. Accept people where they’re at and allow them to go through those same trials and tribulations that we went through, and they’re going to go through it differently than what we did.
“We should let go of the need of wanting somebody just to copy what we’ve done and again, continue with success.”
Family Businesses Are Not About The Money; They Are About The People!
Ron stresses that instead of convincing your kid to get into the business for money, tell them about the impact. Educate them about your role in society as a successful business owner. As, it’s not always just about how much money and production we can push through, but how are we developing our people? Because if we develop our people, the results are going to come anyway.
This is something that Ron has been practicing. He also takes steps to involve his son in any new products that he comes up with. For instance, Ron had the idea to make a shield for classroom desks to protect kids from Covid. So, he quickly acted on it and started producing them. During this time, he included his son to keep his interest high and to show him that everything is possible in the world of business.
How To Get In Touch With Matt
Managing a family business can get very energy-draining. This is not because of the business environment or the journey of staying competitive. Instead, it is about managing all of the key people that are a part of it. Keeping the family united and fixated on the sole goal of growing a business is the recipe for building generational wealth.
So, whether you are an automotive business owner or provide any other services, there is a 5-step process that you can use to keep your family business thriving. First, get in touch with Mat DiFrancesco and schedule a free 20-minute conversation. Then, you can learn it all! From year-end strategies to how you can make your business model successful since we now live in a post-Covid era, aka the “new normal.”
Disclaimer
The information compiled and posted here solely represents the opinions and views of the guest. It might not necessarily be similar to the opinions and views of High Lift Financial. The availability of this content only serves educational and informational purposes. It is in no way a substitute for tax or legal advice or professional investment.
Always make sure to consult your financial advisor with any queries related to personal or business planning. DiFrancesco Financial Concierge, LLC. d/b/a HighLift Financial is a Registered Investment Advisor registered with the State of Pennsylvania and subject to the State of Pennsylvania’s regulatory oversight.