A family business can be a serious entity. Some of the world’s biggest and best companies are family owned, including Walmart, Volkswagen and Berkshire Hathaway. Company owners looking to build a trusted team need not look far. Having the help of a partner, parents, children and siblings makes all the difference. In theory, that’s great. Actually, that’s another story. Would you like to work with your family?
how to do business with brothers
Ali Assadkhan knows how to get along with his brothers and sisters. One of his founders and owners of Vitasave, his Assadkhan was founded in 2013 and is expected to make $50 million in revenue this year, so Assadkhan will be his two brothers. I work with the company to run the company. Not only is their business thriving, Assadkhan and his team have successfully transitioned from brick-and-mortar stores to his e-commerce only. Today, the company offers over 300 of his brands and over 8,000 of his natural health products.
After nearly a decade of experience working with the brothers, Assadkhan shares nine key tips for running a business with them.
Communicate clearly and regularly
Communication is the key to a successful relationship, but even more so between siblings who run a business together. “You may know a lot about your brothers and sisters, but you need to make sure no one can guess what’s going on in your business,” he says. “Running a venture together allows you to bring out new versions of someone’s character that might surprise you, even if you grew up with them.”
Divide responsibilities according to strengths
“Some brothers may have natural leaders,” Asadkan said. Like any team, everyone has different strengths and the workload needs to be split between partners. In building the team, the brothers “implemented one simple strategy from E-Myth Revisited by Michael Gerber. We each managed one department: marketing, accounting and operations.” allowed each to focus on one core area and communicate progress without duplicating work. Divide and conquer and watch your efforts multiply.
set boundaries
Separating personal and professional lives between siblings can be difficult, but it is key to a harmonious relationship both in and out of business. “We set clear boundaries and draw a line not to confuse work with personal relationships,” Asadkan said. For example, “Whether we’re discussing growth plans, reviewing performance, or dealing with internal issues, we remain professional and on topic. Life is put on the doorstep of business-related meetings.”
match goals
“My brother and I each have our own ideas and our own leadership skills, but without the right strategy, our ideas can destroy us,” said Assadkhan. say. To make sure that his and his brother’s plans are all on the same page, they set a clear path together, agree to it, and reference it in everything they do. Building a company or business together is considered impossible by many, but because our goals are clearly aligned, whether it’s when to expand our product offering or how to improve our website. , we have taken Vitasave to great heights.”
encourage healthy discussion
When working with siblings, make the most of being more than yourself and don’t make decisions on your own. “When you grow up, you may have had the experience of an older person making decisions for everyone, or a brother holding the reins for everyone, but this is no longer the case of who owns the TV remote control. It’s not just about who you are.” Assadkhan wants his brother to tell him everything that’s on his mind about his business so he can make decisions as a partner. “At board meetings, we would argue for hours, always challenging each other in favor of the business. So far, the strategy has worked.
how to do business with brothers
be a driving force for each other
“We are each other’s greatest fuel, constantly inspiring each other to learn, grow, and continue to be hungry for knowledge and connection,” said Assadkhan. That was as true in their childhood as it is today. “If one of us wants to pursue an idea to grow the company, the others are there to support them and be there for them.” Believing it would lead to good business, he said, “I wanted to attend a Tony Robbins seminar in 2016. I shared the seminar with my brothers and we all attended together. changed his personal life forever and impacted many aspects of our business.”
don’t get hung up on failure
Knowing your siblings well means knowing what they can do. “Worrying about the mistakes your brother might make will only hinder all your growth,” Asadkan said. “Instead, focus on your vision.” When you’re focused on your vision, failures and mistakes become stepping stones and opportunities for growth rather than setbacks.
get outside help
Working with siblings means working with echo chambers is easy. I believe that the two of us have all the answers there. Asadkan knows otherwise. “We know we have the resources and expertise we need beyond our family’s capabilities, so we don’t hesitate to ask others for help.” “Having help from others does not come with weakness, but it does guarantee success in the long run.”
plan ahead
As with many family-run businesses, Asadkan and his brothers want their future children to build on the legacy they started. “Imagine your business in 30, 50, 100 years and who will be part of it in the future.” It’s never too early to start succession planning. Assadkhan recommends identifying key positions and developing action plans for those positions. “If the young people in your family want to be involved in the future, you can prepare them early on for this to succeed.”
Working with family is great when done well. Your business will soar to new heights and you will wonder why you didn’t consider it sooner. But at worst, it’s a nightmare that affects many areas of your life. Keeping communication high, supporting each other, actively seeking experience and help from elsewhere, and setting boundaries means that things can work out for you.
