Tuesday, August 21, 2018

The Management Tip of the Day

August 21, 2018

Work in a Family Business? Create Your Own Network

When you work in a family business, you may assume that you'll inherit the family network. You might be handed a few contacts, but you still have to be proactive in building your own rolodex. Form connections with both peers and people from your parents' or even your grandparents' generation. Having contacts from a variety of backgrounds and experience levels will help you get many points of view. Think about which relationships with existing business partners can be transitioned across generations. Maintaining those longstanding ties is important, but it won't happen on its own. You should also have two or three close advisers, people you trust to give you feedback and advice. They don't have to be people your age; sometimes older colleagues can give you the same perspective that your parents would, for example — without the emotional baggage. And don't be afraid to use your family brand. If your last name can open doors, take advantage of those opportunities.

Adapted from "Building Your Own Network When You're Part of a Family Business," by Josh Baron and Judy Lin Walsh


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