Valentine’s Day is a time to celebrate love and affection towards our loved ones, and what better way to show love than by celebrating the bond we share within our family businesses?

The opportunity to work with those closest to you is extraordinary, but it also comes with its fair share of conflicts and disagreements. Imagine a father and son locking horns over a business decision, or siblings engaging in heated arguments during a crucial meeting.

Whether you have a “blood” linked family business, or you have a business where you see yourselves “like family” in the broader sense, let’s explore the significance of being the business valentine and how it can bring you closer while building successful ventures.

Tips on Being a Great Business Valentine:

1. Embracing Shared Passions:

One of the significant advantages of being part of a family business is the opportunity to work alongside your loved ones while pursuing common goals and passions. You not only get to share your dreams but also combine your skills to create something meaningful as a team. Whether it’s working in the kitchen of a family restaurant or brainstorming ideas for a startup, the love and support within a family business can lead to endless possibilities.

2. Mutual Trust and Support:

The love and trust within a family are unparalleled and become even stronger when combined with entrepreneurship. Having a support system that is always there for you, from financial support to emotional encouragement during tough times, family members in a business venture have each other’s back. This bond creates a unique level of trust and helps build the resilience necessary for long-term success.

3. Passing Down Values and Traditions:

Family businesses often carry forward cherished values and traditions from one generation to another. Preserving these values and traditions while infusing them with a modern and innovative approach creates a sense of pride and purpose.

4. Celebrating Milestones Together:

As a business valentine, you get to enjoy and celebrate significant milestones together. From the first sale to expansion into new markets, every achievement is a testament to the love and hard work invested by the entire family.

5. Resolve Conflicts

  • Regular Communication: By fostering an environment where all members are encouraged to communicate about issues they face, a speedy resolution is more possible. Everyone must know that they can safely air any concerns and that they will be listened to with no judgment.
  • Business Meetings: Even though you may be working with your family, hosting regular business meetings offers a formally structured means of expressing concerns, issues, or anything else that family members want to discuss with the wider business.
  • Separating Work & Family Life. Keeping work life and home life as separate as possible is healthy and necessary. Agree upon set ground rules that make certain times of the day or certain locations “no-business zones.” Boundaries are helpful!
  • External Mediation. If needed, having a 3rd party mediator will help a family to discuss issues without emotions clouding judgments, focusing on the key issues that need to be addressed for the conflict to be resolved.

Being the Valentine in your family business means taking proactive steps to manage conflicts and nourish harmonious relationships. By acknowledging the unique challenges that accompany family-run ventures and implementing strategies to defuse conflicts, you can cultivate a thriving business environment that embodies both love and success.

Remember, conflict is normal, but how you address and manage it will determine the strength and longevity of your family business. If you are at your wits end about this, reach out to me and I’d be happy to give you some first steps on how to grow.

Embrace the role of Valentine and keep the love alive in your family-run enterprise today!