Keeping it all in the family

“Family businesses often foster a familial atmosphere, where employees feel a sense of belonging and camaraderie. This can create a supportive and close-knit work environment,” Moody says.

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That environment is also often very future-focussed, rather than chasing short-term shareholder returns.

“Family businesses tend to have a long-term perspective, focusing on the legacy and sustainability of the business across generations. This can provide stability and a sense of security for employees who value longevity,” Moody says.

Lyone agrees, but says there are also some other benefits.

“In general, working in a family business when you’re not family is great. There is a lot of passion for the customer, and it’s much easier to get things done [than in a large corporate because there’s] less red tape and more entrepreneurial spirit,” she says.

Still, every family is different, so for those coming in from the outside, Lyone advises doing your due diligence.

“Try and get a feel from others about the health of the family relationships and how good the role clarity is of the family members. Just like you would in any business, you want to understand the culture,” Lyone says.

Will you ever end up in the top role if you’re not part of the family? Moody says that hiring in outside experts is becoming increasingly common.

“More family businesses are hiring non-family professionals to fill key leadership roles, bringing in outside expertise and adopting a more professional management approach,” says Moody.

Key facts: Working in a family business

• If you’re joining a family business that’s not your own, assess whether your personal values align with the family’s values and overall vision for the organisation.
• Family businesses can bring up several challenges, including that of perceived favouritism.
• Regardless of your position inside or outside the family, assess whether you are comfortable dealing with these challenges.
• If you’re working in your own family’s business, consider how you will navigate the family dynamic once you are working together. Clear communication channels and setting boundaries between family and work life all help maintain a healthy balance and professionalism.

(Thanks to Andrea Moody from the Family Business Association for these tips.)

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