Family business is the bedrock of the American economy. More than half of the national GDP comes from them. However, when the reins are transferred from the first generation to the second, 70% of them perish. How do you make a family business last?
WHAT YOU’LL LEARN FROM DALE & TINA ENGDAHL, OWNERS OF THE FAMILY BUSINESS EXCITING WINDOWS BY APOLLO
WHAT MAKES YOUR BUSINESS WORK WELL? (2:38 in)
In Dale’s words – We treat our customers in the way we want to be treated. We do what we say and say what we’re going to do.
Tips – Have a clear division of responsibility. Have a definite plan for paying yourself and employees. Make sure all bases from client contact to project completion are being executed reliably and on time.
AS A HUSBAND – WIFE TEAM, HOW DO YOU HANDLE COMMUNICATION ABOUT THE BUSINESS IN RELATION TO YOUR PERSONAL LIFE? (4:34 in)
In Tina’s words – We talk about it until one or the other says, I’ve had enough. Because we’re so different we don’t think alike. A lot of thinking takes place before anything is accomplished.
Tip – Respect and understand each other’s position. Seek common ground.
WHAT ARE THE TOUGHEST BUSINESS DECISIONS? (9:12 in)
In Tina’s words – During a recession when you have to decide what you can’t spend money on anymore. In Dale’s words – on a personal level and a business level.
Tip – Saving ahead to withstand tough times is very important.
DO YOU TAKE VACATIONS SEPARATELY OR TOGETHER? (10:45 in)
In Tina’s words – It’s important to get away alone and together.
Tip – Take a break to stay strong!
HOW DO YOU RETAIN EMPLOYEES? (12:32 in)
In Dale’s words – Listen to them. Be flexible with their schedule. Pay them well. Treat them the way I would want to be treated.
Tip – Praise employees for a job well done.
HOW DO YOU INVOLVE & MANAGE OTHER FAMILY MEMBERS IN THE BUSINESS? (13:40 in)
Tip – Let your kids decide whether they want to be involved in the business. If they participate, teach them to assume the responsibilities as if they were just employees.
WHAT SHOULD YOU REMEMBER TO SUCCEED IN BUSINESS? (16:00 in)
In Tina’s words – Your client will always be your boss.
Tip – Realize that while you have the freedom to re-arrange your schedule for personal reasons, time away from work will have to be made up.