Wisdom from a Veteran Advisor in Family Business

Don Schwerzler has been studying and advising family business entrepreneurs since 1967. He is the founder of the Family Business Institute, based in Atlanta, Georgia, and organized one of the first college programs to help entrepreneurs who were interested in staring a family business. The Institute is a mentoring and consulting resource for family owned businesses. Here is some advice from Don to help you grow your family business.

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Don shares, “If there is any one lesson I have learned in working with many hundreds of family businesses, it is that every family business is unique and complex in its own way.” Don't make the mistake of building your family business based on a standard approach to running a small business. Organize your family business around your values and your family identity. Your individual circumstances combined with your business idea and industry may lead you on a path that looks and feels different from what others are doing. “A strategy that works well for one family business will be a disaster for another family business," explains Don.

The Family Business Owner Quadrant Explained - Daphne Mallory's Family Business Quadrant

Each word in the Family-Business-Owner Quadrant counts. Let's begin with the word "Family."

Who is Your "Family"?

There are many ways to define a family, and it's important to think about each as you're planning your family business. Here are some options:

• Blood relatives (parents, children)
• Related by marriage
• Related by adoption
• Lineage (ex: Liberian family)
• Spiritual (ex: fellow Christians)
• Living together in a household
• Belonging to the same tribe
• A group who shares common attitudes, interests or goals

Why is this important?

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#10 - Family Business with Daphne (Radio Show) -- Entrepreneur Quadrant

Download and listen to this episode of Family Business with Daphne.

The Entrepreneur Quadrant Explained - Daphne Mallory's Family Business Quadrant

The seed of family business is you, the entrepreneur. My work is to awaken the entrepreneur giant within you and guide you towards maturity: owning a family business. The fruits of your family business will result in investments, which will help build and grow your family wealth, legacy and community.

To start, every member of your family who is willing must learn the mindset, skills and actions required to become an entrepreneur. Then, you must BE an entrepreneur everyday. Even if you're working at a job, are a stay at home parent, are retired or volunteer. You can think and act like an entrepreneur.

I recently had the opportunity to participate in discussions regarding the strategic plans for our local school district.

Family Business with Daphne - Meghan Khaitan (My Bucklemate)

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Meet Meghan Khaitan. She runs a family business, MyBuckleMate, with her husband Anurag. They solved a problem with their business idea: teaching safety habits to children, while instilling independence. Learn how the one thing that thing that made a huge difference in their business, and more.

Who You Must Become to Be Successful in Family Business

The biggest mistake I made in the start up years of my family business, was focusing all my efforts and attention on accomplishing goals. You're probably thinking, that's a good thing. I've had successes, and in many ways, broke through barriers for others to follow. However, doing, doing and doing only gets you so far. I study and interview highly successful entrepreneurs and family business owners. The secret to their success is not in the business building itself. It's understanding and remaining true to who they are, and saying to no false identities.

Who Are You?

You are not your business idea. You are not your church, community or civic activities. You are not your current employment. You are not your current financial circumstances. You're not even your role as a spouse, sibling or parent. When all of your activities and roles are stripped away, what's left?

Family Business Account from The Bible: Abraham and Sarah

Abraham and Sarah are THE model of family business I'm seeking to promote in our generation:

Family Business with Daphne Radio Show #8 - George & Irena Brown (Mosquito Joe)

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Meet this husband and wife team: George and Irena Brown, owners of Mosquito Joe. They're passionate about improving the quality of the outdoor experience for the customers they serve, but most all, they're passionate about their marriage and family life.