We have been discovered.
A couple weeks ago I received an invitation from a very prestigious regional university. I was invited to spend most of a week at a local resort listening to some very learned people talk about Family Business. The packet contained a big, tastefully prepared multicolored brochure detailing the program, the speakers and the resort. What really impressed me was the price; $2,000 plus.
Family Business has been around a long time; longer than any recognized profession or even writing for that matter. Somewhere back in the mist of history some aged hunter discovered he could make superior weapons which he could trade to younger hunters for meat. He also discovered he could do it more efficiently if he sent his kids out to fetch sticks and stones; and he also discovered it was easier to barter his product if his wife busied herself telling other wives about the quality of his weapons, and how much safer their husbands would be if they were armed with his weapons. Family Business was up and running.
So why do we suddenly have prestigious universities running expensive seminars on Family Business?
Having spent most of my professional life working with Family Business, I am probably to close to the trees to see the forest, however it seems to me we have lately rediscovered Family. Promoting family values has suddenly become politically expedient, and Family Business is a natural extension of Family Values.
So what is different about Family Business?
Nepotism (favoritism shown or patronage granted to relatives).
It is my opinion, based on twenty plus years of professional experience, that nepotism is neither a good thing nor a bad thing; but a very potent thing.
When it works it tends to work very well. There is nothing in business more effective than a well functioning husband / wife team. They are unbeatable. They work together; play together; eat together; sleep together. They are together. They cover each other's blind spots. They are two parts that make a whole which is definitely greater than the sum of the parts.
When it doesn't work it is usually a disaster. One of my first clients twenty plus years ago was what had been a thriving family business - until the husband / wife team split in a divorce. The business failed.
I once had a client consisting of three brothers. Each thought the other was getting a free ride, and the business was going downhill fast. My first task as their CPA was to inform them that they were broke - their only remaining asset being their name. One (on my advice) bought out the other two and got down to business. He did very well.
I am glad we have been
discovered.
It is about time. It is my opinion that Family, including Family
Business,
is the preferred natural order of things.