The family business.  It is the foundation of the small business world in the US.  Approximately 80% of small business are family owned.  That can mean brothers, sisters, parents, grand parents, aunts, uncles and children.  Why are there so many family owned businesses?  One reason – blood is thicker than water.  There is a trust factor that comes with working with family.  I hear laughter from some of you.  Some of you wouldn’t trust your family with a dollar let alone own a business with them.  While that can be true, the reality is even where the family has a trust and verify.  The family business has a set of dynamics that are unlike any other.  Think of your family – what would it be like to work with them every day?  Then, go home each night.  Now I have you thinking…  Yes, that is the joy and challenge of family business.  It is often hard to:

• “leave it at the office”
• Ensure there is work/family balance
• Handle the up and down times of revenue and profit
• Ignore that irritating habit of the family member when they are always around

Yet, it is wonderful being able to:

• Share the joys of success
• Have your family understand the business
• Be able to know the “team” members strengths and weaknesses
• Work alongside someone you truly like
• Share ideas and trust them to look out for your well being.

The list goes on for both sides.  If you are considering starting a family business congratulations – you will love the journey.

What have your experiences been with family businesses?  Are you in one?  Have you done business with one?  Share them with me, I would love to hear the stories.

Entrepreneurs and setting goals is a popular topic. Dan Sullivan had a perspective worth sharing in the May issue of Success Magazine. The concept is rather than trying to double or 2 times where you are– go for 10 times where you are. “WHAT?” I hear you all scream. “It is hard enough to achieve 2 times where I am, how on earth can I even consider a 10 X goal?” That is exactly the point.

A 2 X goal is really just pushing what you are already planning into the future (assuming you are planning). The ability to achieve the 2 X goal is a probable anyway. There really isn’t rocket science, you know the basics—hard work and you will achieve the 2X goal.

Now for the 10 X goal that starts pushing you out of your comfort zone. I can already feel the squirming. A 10X goal forces you to look at what is really going on in your business. It forces you to look at inefficiencies. It challenges you to think out of the box, to put systems in place to handle 10X, to understand your business, structure your business, and PLAN. You must now think differently, observe differently, plan differently and execute differently. Once you start thinking 10X you will notice opportunities, changes, and perspectives. Then you can start making the changes that are required.

Here are my perspectives and 4 ¾ downsides to this type of thinking:

1. Shooting for 10 X – you might not make it, you might only reach 5X.

2. 10 X thinking creates perspectives on your business and forces planning.

3. You don’t know how to think 10X? What better way to start looking at everything from a different perspective? Read, ask, get advice, reach out to others, be humble. Even if 10X is achieved, I guarantee your 3, 4 and 5X will be more profitable.

4. For 10X I need to look outside the box, and that creates FEAR. False Expectations Appearing Real – so what are your real fears? Figure them out, since they will probably keep you from achieving 2 X. There is no better time than the present.

4 ¾ Reality is I don’t see any downside to 10X type of thinking. The danger really lies in 2X thinking. Thinking too small limits your potential, who you can be, and can lead to my favorite quote: “Hell on earth is seeing the person I could have been!”

Embrace Conflict – it is good for you.

Conflict is part of everyday life. If you have a business, marriage, relationship without conflict then you essentially are an ostrich with your head in the sand, which is the equivalent to being a yes man – which means you agree to things even if you don’t agree to avoid conflict – which is in and of itself conflict. One class I would recommend every business owner take is a mediation or conflict resolution class. There are books on the subject. One is “Getting to Yes: Negotiating Agreement Without Giving In” by Roger Fisher. For me it was a hard book to read – but I really enjoyed it on audio. The sooner you learn how to deal with conflict the better off life will be.

One of my clients was engaged at the time. Life was sweet for both of them. They enjoyed being together, they were obviously in love with each other, yet trouble was brewing. Every time he wanted something and she disagreed, she caved in. This was very evident in the business environment. It had been his business; she was new to his business, yet was very accomplished on her own and actually has better business sense than he did. Yet, what happened every time she suggested something and he disagreed, she would back down, both in business and personal. He even stated that he wondered when she was going to stop becoming so agreeable. It will happen and for both of them it will be a time of rude awakening as neither had really learned how to negotiate. They hadn’t learned the art of give and take and how to move both their ideas forward without squelching the spirit of the other person.

Couple of points on conflict resolution:

1. It isn’t always about getting what you want – learn the art of compromise.

2. If it is all about you – then the “we” part of any relationship won’t be long term.

3. Make sure you get the complete picture – stop assuming – remember what assume means. If you don’t know – then break out the word assume into 3 syllables – you get the picture.

4. Life is about negotiating – learn how to do it well, then apply the same art within your business and within your family.