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News May 25, 2023

What is important when building a family business?

The construction industry has many successful family businesses. Whether you want to start a family business or sustain an existing family business, there are key factors to consider.

Forbes offers the following tips for starting or sustaining a family business.

  • Everyone involved must be fully committed. The work demands can be intense when starting a business, so everyone must be committed to the business’s success. No one gets to be involved with the business or inherit the business just because they are family.
  • Determine the type of business you want to have. Is it about generating a reliable income and having fun? Or do you consider it your family’s true calling to make a difference?
  • Use healthy debate to create a balanced strategy. Although different perspectives and personalities can result in conflict, when handled carefully, they can spark new ideas and boost creativity. Consider investing in people who might not always agree with you but who are the best at what they do.
  • Trust is essential. There must be complete trust among family members that every action should contribute to the business’s greater good. Commitment to trust also should extend to team members your company has hired, so ensure you listen and recognize their expertise.

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