After spending over 25 years as an attorney and sports agent representing Major League Baseball players, I can understand what a great team roster looks like. So when I decided to expand into new business ventures, it was easy to see that building my dream team would begin with the top talent in my own backyard. Running our business, Ziggy’s Naturals, with my two sons Jordyn and Jake, is enlightening, challenging, and incredibly rewarding. During our journey together, we’ve discovered these five secrets to maintaining a healthy relationship while operating a successful family business.
1. Share a Common Mission, Core Values, and Goals
Running a business with your family is much easier and more fulfilling when you’re in lockstep with what you want from your company. When Jordyn, Jake, and I first started talking about what we wanted for our business, we agreed that we wanted to help people and be in an industry that we believed in and felt good about.
After brainstorming sessions, massive amounts of market and legal research, and a coincidental introduction to CBD that relieved the pain of my tendonitis, it clicked for all three of us. Launching a CBD business checked all the boxes, and together we were aligned in our mission.
Having harmonized values is essential in keeping healthy relationships in a family business. Jordyn is a transgender male and is well known in the LGBTQIA community. For that reason, it was important for our company to permanently add the pride colors to our branding and support causes that benefit the LGBTQIA population.
2. Be Open to New Ideas
A common trend amongst family-owned businesses is being too conservative and critical of suggestions or new ideas that could help the company grow. The idea is understandable; the family is protecting itself financially, and taking chances on the unknown can be a gamble. However, consistently practicing minimalism likely results in minimalist returns.
When Ziggy’s Naturals started, it was challenging to carve out a niche in a heavily saturated CBD market. With Jordyn’s strength in the social media world, and Jake’s experience in marketing and sales, we found ways to use the power of social media to amplify our brand by using the reach that social networks provide. Jordyn suggested working with LGBTQIA influencers, as many people in the community experience anxiety issues, are into physical fitness, and are comfortable dealing with companies that are inclusive and exhibit a caring family vibe. Because of Jake and Jordyn’s marketing ideas, we saw our customer base grow significantly with clients that identified as LGBTQIA, which we wouldn’t have seen otherwise.
3. Communication
Communication is critical with any business, let alone a family-owned organization. Having open lines of communication allows companies to keep defined roles, clear boundaries, and maintain a healthy emotional environment. Keeping issues bottled up can fester, harm the business, and bleed into your family life.
At Ziggy’s Naturals, we pride ourselves on engaging in active listening and being honest and transparent with each other. This can help your business thrive and see increased morale in employees. It certainly has for us. If a conflict arises, be diplomatic in how you handle the situation. It’s easy to fall back into familial tendencies, but disputes in the workplace must be handled differently. Remember, don’t ever allow work issues to affect your family relationships. To us, there is no amount of success that would be worth that sacrifice.
4. Don’t Be Afraid To Consult Help Outside the Company
Family businesses may think they can do it all themselves, but sometimes a fresh eye on the company can do wonders. Outside advisors and consultants can be helpful with many issues, especially those related to finance and strategy. They are also great with communication roles, emotional dynamics within the company or between team members, and compensation levels.
5. Enjoy Family Time Outside of the Office
Don’t fall into the trap of only discussing and dealing with business when you’re with your family. Take time to enjoy your family and nurture the relationships you have on a personal level. Try taking weekend trips, family outings, or simply having dinner together where you don’t discuss business. This can help refresh the family personally and will reflect when you return to the office.
As a family, we have gone through an amazing journey together. We try to channel the love and support that we have for each other into the care and concern that we give to all our customers.
We hope these secrets can help inspire you and your family business. Maintaining a healthy relationship is an incredible way to help you grow your family business, as we have at Ziggy’s Naturals.
To learn more about Ziggy’s Naturals or learn more about their products, you can visit their website for all the latest and newest news.