Crowdsourcing Family Business Advice

Check out our latest video blog. What is the best family business advice you’ve ever gotten? What is the worst? Please let us know in the blog comments below.

Please click here to download the transcript.

  1. Stock always remains with only blood members of the family, no spouses
    The family comes before business, wrong without a business, there is no family business, so there needs to be a balance

  2. Best advice – Know that each person’s strengths often lead directly to his/her weaknesses.
    Worst advice – Create a culture that has different expectations for or intentionally treats non-family employees differently than family employees.

  3. Best advice: Blood is thicker than water.
    Worst advice: Blood is thicker than water.

  4. You shouldn’t pay that much for cash land rent- you could buy it for that. My reply- “but it’s not for sale”

  5. Best advice- My grandfather died when I was just out of high school; starting to make decisions on the farm. I was very upset that my relatives were doing a very substandard job in taking care of not only their land, but more importantly to me was the poor job of farming being done to the family land owned my newly widowed grandmother. My father said two things,
    ‘If they want to go bankrupt on their own that’s their business” and, “if you are waiting around counting on any of that ground to become yours, and can’t build your own operation, then you aren’t worth very much as a farmer and a businessman”

  6. Best Advice- Have the younger generation work elsewhere for several years and gain success at a different company, and then transition into the company.

  7. Best: If Can’t Fire ’em – Don’t hire ’em
    Worst: You are the owner – You can do anything you want

  8. Best Advice (from the Bible): Treat others the way you would like to be treated. This advice is sound whether you are dealing with clients or employees.
    Worst Advice: Make all your decisions by yourself – you don’t need advice from anyone else. This assumes you know more about everything than anyone else.

  9. Best Advice-you get frustrated with your employees sometimes and you want to just run them off. But if you run them all off then you have to do it yourself.
    Worst advice-My Dad worked a lot of extended family (uncles, cousins, etc) when he was in business. My experience has been this is a bad idea as they carry to much baggage with them and you can’t have an employee/employer professional relationship.

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