The Many Benefits of a Family Business

There is far more to owning a family business than simply attaining financial freedom. While earning a living free from the stresses of Corporate America and being able to support other family members with your venture are both big bonuses to owning a successful family business, they certainly aren't the only reason to stick with being an entrepreneur.

I spoke with several current and former small business owners over the last few weeks to get their take on what they enjoyed the most about working with family, and I was surprised to find that the answer across several industries and business models was much the same. Family businesses become great not because of the workload, scenery or lofty titles; they are great because they are filled with entrepreneurs who love being around their family.

Former daycare owner, Cheryl Duncan, noted that her most rewarding experiences with her small business surrounded, "...sharing the success as a family." She said that she enjoyed seeking out her family member's expertise and capitalizing on their talents to become, "...a balanced, successful team."

Dan Bonebrake of Warpaint International echoes Cheryl's sentiment by saying: "The most rewarding part of working with family, at least with my small business, is that we get to share our successes. I like to equate it to a championship sports team. You practice/work hard nonstop and when you succeed you share it with your team. Unless you are part of that team, you really won't understand the true depth of feelings when you succeed."

Geri Andrews, a retired photographer and former owner of a successful studio said her favorite part of the family business was: "Having my children report to the business after school to work and be with them. As a Mom I wanted to be home with my children but financially was unable to do that. Working together in a small business makes work more fun and it teaches the children good work habits that are helpful in their adult lives."

Web developer, Calvin Hoag of CalvinHWebDesign said that when working on projects with family he enjoys: "Coming together with family to realize a common goal." He added in our conversation that when each family member knows what their role is in a project it makes it much easier to produce an end project that shines.

And finally, Keith DuVall of Gearheadz Paintball closes the common theme eloquently by adding: "The most rewarding thing is being able to spend more time with the people I love and enjoy in my life. Being able to successfully mix work and family is very rewarding. It makes the events we do and the projects we work on together feel less like work and more like living life to the fullest with an income."

It all just goes to show that it doesn't matter how big or small your company is, it is the people that you work with who are going to give you the most satisfaction and emotional reward for the work that you do. When a family business finds ways to involve and support family members in positive and emotionally rewarding ways the result is a team that can grow, meet challenges and seek rewards together. While making the business profitable is always the end goal, it often isn't the financial reward that sticks with us as entrepreneurs; instead it is the opportunity to share our life, passion and success with those that we love.

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