Family Business, Part 2
October 5, 2006
Q:
Hi Steve: My sister wants me to go into business with her -- she owns a bridal
shop and it sounds like a lot of fun. The thing is, I don't want business
to get in the way of our relationship -- we're real close. How do we make
this work? -- Trisha (Part 2 of 2)
A: If you really want to know
how to run a successful family business, then you need look no further than the
brothers Floom.
Tobin and Jay Floom own and run Images by Floom, one of the best, most successful photographic studios in the Pacific Northwest. Not only are these brothers top-notch photographers, but they run a lively business where they have fun together and their clients get great photos as a result.
In business for 15 years together, Jay and Tobin use their intimate knowledge of each other to their benefit. Whereas other family businesses may be hindered by personality clashes or competing agendas, superior family businesses, like Images by Floom, use the strengths (and weaknesses) of each family member to their benefit. Says Tobin, "The reason we work so well together is that we have different personalities. I am the yapper and natural salesman, and Jay is a bit softer, so we complement each other."
This camaraderie and understanding of each other translates across the board. Division of labor is critical at Images by Floom, as it should be at any family-run business:
Tobin is better with numbers, so he handles the finances
Jay is more organized, so he runs the day-to-day operations of the shop
Both brothers shoot weddings and other events 50-50
Another reason these two brothers are so well-regarded and in such high demand is that they bring a sense of fun to their work. Says, Jay, "People like the fact that we love what we do, and because we are outgoing, we put them at ease by having fun and joking around. We like to have a good time when we shoot events." Tobin agrees: "The key for us is our friendly personalities. We like to make our clients smile." That, of course, translates into great photos and happy customers.
Of course, like any business partners, the Floom brothers do not always get along, but this again is where they turn their familial relationship to their advantage. According to Tobin, "One of the great things about working with a family member, especially one like my brother Jay, is that we can get in an argument, speak our minds, and the next moment, we're best buddies again."
Both brothers noted however that knowing someone so well and feeling so comfortable can be a double-edged sword. It is possible, they said, to be too blunt. Their advice to other would-be family businesses regarding conflicts: Be honest, but delicate too.
When asked what they think are the key aspects to running a successful family-owned business, the brothers pointed to a few different factors:
As mentioned in last week's column, it is important to have boundaries. "When we golf together," Jay noted, "we usually don't talk shop much."
You have to enjoy spending time together. The Floom brothers were always close growing up, so they weren't worried when Jay joined the business Tobin started. "We like spending time together," says Tobin.
Trust is vital. The brothers had an employee who stole some money from them a while back, so they especially appreciate the fact that they trust each other implicitly. That said, Tobin noted that it is equally important not to "micromanage each other." You have to trust the other members of the family to do their job properly.
So here is one successful family's success recipe: Have chemistry, do something you love with someone you love, trust each other, delegate, and appreciate your differences.
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Today's tip: If you want to know more about how to run a successful family business, then you might also want to check out Family Business Magazine.
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