How to Build a Profitable, Successful Family Business

Simplifying Family Business

Running a business is not for the faint hearted, but family business magnifies the joys and pressures even further. When things are going well it can be amazing, when things aren’t going well it can be crushing.

Whether you’re a husband and wife team, or you’ve got the kids, their spouses and a few nieces and nephews involved, there are some great benefits to working together. But, there are some awkward pitfalls that you want to do your best to avoid (we’re guessing you’ve probably already figured this out).

Being fair and giving everyone a chance to shine, while making sure the business gets things done right can be a real challenge. Then there’s the issues of responsibility, authority, the ‘pecking order’, managing accountability, the dreaded ‘Who’s getting what’ and eventually the challenges of succession planning.

Don’t let yourself be overwhelmed by it all. It is possible to make it all work and to have everyone work together to build a successful, profitable family asset.

The3rdgear has developed a special program just for family business. We know how important your family is. At our core we’re a family business too.

“Like many family businesses, we were making decisions based on family relationships rather than on what was best for the business. The3rdGear gave us the clarity and unity of direction we needed to put aside personal goals and to develop and action a strategic plan that we all agreed on. As a result, our business has grown significantly and there is much less of the friction that can come from working with family members.”

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Making Family Business Work

We can help you and your family work together as a unified team to create a great business. We’ll work with everyone to build a common pathway forward. We’ll take you through the steps of structuring your business, so that everyone has a purpose and a place that fits both the goals of your business and the goals of your family, and makes sense to your whole team.

It’s a lot easier than you might think, and it’s normal to see very fast improvements in your staff culture, and your personal relationships once we get the ball rolling. In fact, within a few months you should expect to see noticeable improvements in your business performance and your team culture.

We love helping small businesses grow and prosper, but even more, we love the idea of helping Australia’s family businesses and our next generation of entrepreneurs grow and live fulfilled, prosperous lives.

“I believe successful family businesses are vitally important for our communities and our country. When done well business is empowering, it builds strength, character, values and provides great opportunity. Healthy family businesses make for healthy families, who ultimately contribute to healthy communities.”

Aaron Day – Founder of The3rdgear