Resources
Setting the Boundaries
One of the greatest challenges confronting those of us who run a family business is there is an overlap between family and business.
Do you ever get that feeling you are trying to keep too many balls in the air at once?
As you scramble to keep it all in motion, you are afraid if you just allow one ball to fall, all the rest will follow. There are so many stakeholders you are trying to please.
There is the family; the staff; the bank; investors; customers; suppliers… it’s exhausting to even think about it.
I know the feeling you get.
It starts in the pit of your stomach and spreads out, so there can be times when you wonder if you are having a heart attack.
It can last all day or even be your constant companion. I first felt this back in the early eighties.
Somehow or other I was persuaded to give up my nice job as a GM in Adelaide and help start a Christian School in Gawler.
The group trying to start the school did not have anyone on the board with business and financial knowledge. This position meant selling our beautiful home in the Adelaide Hills and moving to Gawler.
The role would be unpaid, so I needed to find a way to support my family while executing my role as financial director, bursar, and government negotiator.
So I decided to start a financial planning practice to provide an income.
What did I know about running a financial planning practice?
Nothing, but then most people already in the industry at that time didn’t know much either.
What did I know about starting a school?
Nothing and no one on the board at that time knew anything either.
Talk about stepping out in faith!
The first year or so was a nightmare.
I was working colossal hours and was totally stressed out.
Matters eventually came to a head and I was forced to find better answers.
So what were the solutions that the family came up with?
It was actually an ultimatum for me to operate within certain boundaries.
This is not the full list of the rules, but a bit of a sample to give you some ideas.
Be home for dinner every night and spend time with the children including helping get them ready for bed and reading them a story.
I could then go back to work but be home before midnight – no all-nighters.
Have breakfast with the family.
And so the list went on.
Did it work?
Well, I am still married to the same wife and we’re still in love. The children – now all grown up and struggling with their own family responsibilities – well, they still like me.
How did it work out for the school?
Well, you can Google them. They are called Trinity College Gawler and are one of the largest schools in Australia.
And what about the business?
Well, I sold that for a lot of money in December 2014.
So why did this work out so well if I was working fewer hours?
Here are a few of the reasons:
1 I had to be more accountable for my time. Was what I was doing the best use of my time? If not then stop doing it.
2 I needed to use technology to save time. I already had computerised the company I was previously working for, so I knew the benefits and how to set it up.
3 Train someone up to do some of the jobs for me. Short-term pain for the long-time gain.
4 Systemise every function I could so as to achieve consistent performance and to avoid having to re-invent the wheel every time a decision needed to be made.
5 I discovered and used the four-quadrant diagram. I discovered that if I focused on the B’s and by and large ignored the C’s and D’s, then very few jobs ended up being A’s and therefore my stress levels dramatically reduced.
6 People are surprisingly willing to help, you just need to ask.
7 I didn’t and still don’t know all the answers, so I surround myself with people smarter than me. That does not mean they have a higher level of education than me, just that they know things that I don’t.
Let me finish by saying this, yes it can be tough running a family business, but it can also be fun and fulfilling.
If it’s not enjoyable and fulfilling for you at the moment, then reach out. Help is at hand.
If you would like to talk with me then book a ‘Peace on the Home Front’ meeting with me or email me on: john@yourbusinessfreedom.com.au.