My family currently owns and operates a family business in which myself, my father, and two of my uncles are involved as well as several other employees. As I read about different things in family business that are important to its success, I compared it to the personal experience I have had in this area and they are a few key take-a-ways for me. The first is defining clear roles within the business. This week emphasized the importance of being clear and defining the roles that each person would play. This has been a struggle for us sometimes in our business especially when it came to defining my role. First hand I can tell you that it gets a little bit frustrating. The second thing that stood out to me was the joy that can come from running a family business. It can be stressful because as well all well know, money and family can be a touchy subject, but when handled correctly it can bring much satisfaction and joy. It provided opportunity for a father to see his children be successful and to learn and grow together. I know that my dad has a dream in which out family business becomes profitable enough to support generation after generation as the company is passed down. As that begins to happen, clear communication is essential to the whole process.
My 100 dollar challenge is becoming successful now. I sold a set and potentially a second set of tires that I purchased if the transaction goes through. I also have online sales of other parts as I mentioned before. I have not finished updating the accounting but I think I may have reached the 100 dollar goal already due to my good margins. There is so much potential for growth. Each time I speak with the supplier I learn of other parts that they take and dump or give away or sell a wholesale bulk rates to other companies. There is potential to organize an agreement with them to sell those parts in their shop but I am not sure why they haven't done it yet. I am interested to continue to speak with them about the issue.
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