Parima Ijaz, CEO & Founder—Pure Parima.
Imagine that you’ve worked at your family’s business for years, if not decades, and it’s now finally time for you to take over. At such a moment, feeling strong and confident is more important than ever, but it would also be natural to experience fear and self-doubt. How can you best seize the reins and propel the company forward despite the change in leadership?
I started working with my father—an independent consultant who developed bedding for major retailers—and I joined his team my first summer in high school, at the age of 14. Over the years, I watched him work day and night to achieve his goals for our family. Inspired, I developed my own brand in the same industry as an extension of his original business.
This has enabled me not only to achieve my dream of becoming an entrepreneur in my chosen field, but also to leverage my father’s years of experience and knowledge of textiles, as well as my mother’s advanced background in economics. To this day, all three of us work together closely.
Working in a family business is a blessing and an amazing experience. Taking over a leadership role from a parent, however, also entails challenges.
Nurturing Confidence
While every entrepreneur or CEO suffers moments of self-doubt, confidence is vital for leaders when they take over their family’s lifetime of hard work, sacrifice and savings. Hard decisions have to be made, and sometimes your family members won’t be present to lend their advice. With the whole business riding on you, it’s important to stay steady and resolute under pressure.
A great technique for gaining confidence in handling the business is to encourage your family members to take days off. Ask them to take a vacation and leave you alone with the business so you can see what running the enterprise feels like on your own.
This allows you to gain clarity of what obstacles you’d be facing—and what information or skills you need to bolster before the enterprise is fully handed over. By tackling those deficits until none remain, you position yourself to assume leadership from a place of maximum strength.
Defeating The Ego
While confidence and strength are important, a big ego has no place in a family business. To handle matters effectively, self-aggrandizement and insisting on one’s own way must be set aside. No one is right all the time, and neither is a new CEO.
A careful balance between remaining confident enough to preserve and protect the business, yet humble enough to manage it skillfully, must be struck. To find the right posture, I like to remember that the business took decades to build, and I am a relative newcomer, which encourages me to listen.
This dovetails with another great technique: gaining a sense of perspective by asking your family about their past experiences. Oftentimes, they have overcome similar obstacles to those you face. Not only can they offer you advice, but also empathy and support. When my family told me, “It’s okay; we’ve all been through that, and you will get through it, too,” it gave me the final motivation to push through adversity and achieve success.
Bringing The Generations Together Around Change
A common challenge I notice in my business, as well as among many of my friends who run family businesses, is transitioning from doing things the old way to a new way. I wholeheartedly respect my elders because they have gotten the family and business far. Their knowledge and experience should never be discounted.
At the same time, however, new technology can present easier and better ways to do things. While it would be advantageous for the company to accept these changes, older family members sometimes have a hard time letting go of previous procedures. This is understandable, since the way they did things grew the business to its current level of success.
Yet, the younger generation has opinions and ideas too. We can offer a fresh perspective and knowledge about new technology, as well as an understanding of how to implement it into the family business.
In my opinion, a healthy mix of both perspectives is the way to go. The business would stagnate without the innovation of the younger generation, while the older generation’s experience helps sidestep problems and avoid repeating past mistakes.
To ensure everyone is heard and understood, my family has lunch together every Sunday. We talk about the business, go over anything new, discuss any challenges we’re currently facing and provide each other with any needed support. Our attitude is that the more heads we put together, the better the outcome, which helps keep us united and the family business thriving. Overall, our leadership is stronger thanks to this regular collaboration.
When Not To Take Over Your Family Business
For anyone who might feel obligated to take over their family business, I advise you not to do it unless your heart is in it. It’s better not to get involved than to join and not give it your all. You would just be hurting yourself and others in the end.
Instead, consider selling the business and using the funds to start a venture that you’re passionate about. That way, you can still continue your family’s business legacy and make your parents proud while pursuing your own particular dreams.
Ensuring A Smooth Leadership Transition
Family members who work together naturally bump heads, but no matter how many times conflict might arise, your family members can be your biggest supporters. Your wins are their wins; your losses are their losses.
With confidence, humility and a collaborative approach, you can take the helm as smoothly as possible.
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