If anyone knows how to make a family business truly a success, it’s
Trios food franchise founders the Elia brothers, whose business is now collectively worth over $10 million.
Managing Director of Trios, and the youngest of the three brothers, David Elia, said the reason behind the company’s success, since it began operating in December 2002, had been the close partnership between the brothers and a solid franchise module that goes from strength to strength.
“We always ensure the decisions affecting the company are made three ways; we all have certain strengths and attributes to offer that have complemented each other very well, we are one business and one family,” he said.
“Some people think that family and business don’t mix and can cause problems between each other but if you follow some simple guidelines I believe a family business is the way to go.”
Mr Elia outlined the following tips for ensuring a successful and harmonious family business.
1. Set some boundaries. It’s easy for family members involved in a business to talk shop 24/7. But mixing business, personal and home life creates a volatile brew. Limit business discussions outside of the office. That’s not always possible, but at least save them for an appropriate time — not at a family get-together.
2. Establish clear and regular methods of communication. Problems and differences of opinion are inevitable. Consider weekly meetings to assess progress, air any differences and resolve disputes.
3. Divide roles and responsibilities. While various family members might be qualified for similar tasks, it is best to base roles on key strengths. While big decisions can be made together, a family debate over each little decision will cause conflict.
4. Treat it like a business. A common pitfall in a family business is placing too much emphasis on “family” and not enough on “business.” The characteristics of a healthy business might not always be compatible with family harmony, so be ready to face those situations when they arise.
5. Treat family members fairly. While some experts advise against hiring family members, that sacrifices one of the great benefits of a family business. Countless small companies would never have survived without the hard work and energy of dedicated family members.
6. Put business relationships in writing. Family members sometimes join the excitement of a business start-up without a clear idea of their role once the business is underway. Be clear up front about finances, exit plans and other details to avoid any long term issues.
7. Draw clear management lines. Family members who often have a presence or presumed future ownership stake in the business have a tendency to reprimand employees who don’t report to them. This leads to resentment by employees. You must keep the management lines clear.
Mr Elia said his family was a true example of how a family business can prosper into a life long venture. “I am very proud of my family and the success we have all achieved together,” he said.
“Our Trios franchise is the perfect opportunity for anyone wanting to start a family business and succeed together.
“Most of our existing Trios franchisees are in the business with their families; their success proves that family teams work.” Trios is dedicated to providing healthy, fresh and tasty meal alternatives to health-conscious consumers in the form of its signature Laffé wraps, fresh tossed salads and oven baked spuds.
27-Aug-2007