Children and Your Business, Together
Managing your own business is a dream for many. It is known that it has its own challenges, a lot, for sure, but the rewards from persevering truly is worth it. The sense of fulfillment, independence, and not having to rely on external sources of income all bring an immeasurable amount of joy that makes all of the challenges feel like a walk in the park in hindsight. When it comes to family-owned business, the shared success makes it even more life enriching. It is something that everyone in the family can take part in and be proud of, making it truly their own.
For us at Maple Group, we understand what it’s like to build from the ground up, and cherishing all the hard work that goes into our businesses. Because of this, we have encouraged our children to be involved at an early stage. But why, exactly?
Involvement Matters
Involvement matters, and this goes both ways. For your children, being involved in the business allows them to see where the money is coming from. Understanding where the family funds come from and seeing how much work is put into it allows them to value it so much more. This encourages more responsible spending habits. By being able to experience the work that goes into the money the family makes, money becomes even more meaningful and valuable.
For the parents, involving your children in the business allows you to see them in a different light—and them, you! This introduces a new dynamic you may not have at home. At work, you will both be in a different yet safe environment where you can both learn about each other. As parents, seeing your children engage in new activities can help you both discover new things; what are you good at, what can be improved, are there hidden talents here somewhere? This involvement can shine a light on skills you may not see at home.
A Road to Discovery
When placed in an unfamiliar (yet slightly so) territory, your children will feel safe to explore developing skills they may not otherwise show interest in. By involving your children in the business early, you are making them more aware of life skills that will come in handy not just in the business but outside as well. These life skills are things not usually taught in school, and experiencing them firsthand can help positively impact the life of your child. These valuable life skills include but are not limited to:
- Developing interpersonal skills – Whether it’s communication, following leaders, or being the leaders themselves, being involved in the family business can improve interpersonal skills.
- Critical thinking – When it’s the family’s business on the line, a certain (if not more) amount of care is placed when it comes to making decisions. Giving your children a preview of things like this can help sharpen their critical thinking skills for the future.
- Having a balanced world view – There are things in our world that we only learn by experience, and by involving your children in the business and having them interact with people who are also part of it, you are helping them form a more balanced world view. Not limiting them to feeling only the privileges of being a business owner but exposing them to the hard work that goes into it makes them have an appreciation for many other things in life.
By being involved in the business early, your children will also discover if they would like to take over it someday or find out what other passions they may have and want to nurture. On the surface, it may all seem like “business talk” but in reality, there are weighty life lessons that come with having your children take part in your business at an early stage.
