Navigating the Complex Waters: Mixing Family and Business Successfully
Navigating the Complex Waters: Mixing Family and Business Successfully
Starting a family business can be both a blessing and a challenge. Over the years, my family and I have experienced incredible highs and inevitable lows, learning invaluable lessons along the way. As we embark on our podcast journey, we aim to share our insights, experiences, and tips on mixing family and business. In our first episode, we dove deep into our family history and the intricacies of running multiple businesses together
Our Family Business Journey
Launching the first episode, we introduced ourselves and shared a bit about our family business history. We—Kim, Tom (our dad), and I—have been working together in various capacities for over 40 years. Pinehurst Foods Inc, our first venture founded by Tom and my mom, Shirley, started as a grocery store back in 1978. Over time, Pinehurst Foods evolved, adding several more grocery stores before transitioning to Dairy Queen restaurants and, later on, the Metropolis Resort. Today, we oversee different aspects of multiple businesses, all while leaning on each other for support, wisdom, and advice.
Learning from Our Past
Tom talked about witnessing the transformation from small grocery stores to the bustling Metropolis Resort. With over 300 team members across our enterprises, it’s been quite a journey. Although it wasn't always easy, integrating our experiences and knowledge across different businesses has given us a unique perspective on what works and what doesn’t.
Reflecting on our various transitions, it became clear that trust, adaptability, and a willingness to let go have been crucial to our success. Kim and I didn't join the business blindly; in fact, we took different paths before fully committing. For Kim, it was the necessity of a full-time job that initially drew her into the fold, while I was naturally inclined toward the entrepreneurial spirit ingrained in our family.
Balancing Control and Delegation
One of the trickiest aspects of running a family business is learning how to delegate. Tom, who started as the primary decision-maker, shifted to an advisory role as the businesses expanded. For Kim and I, relinquishing control and trusting others with managerial responsibilities was a significant learning curve. Training competent managers and giving them the freedom to take calculated risks was essential for growth, even if their methods sometimes differed from ours.
Tom pointed out the importance of adaptability, especially considering how customers and business landscapes evolve. From a grocery store model to a full-fledged resort, the demands and dynamics have radically changed. Trusting team members to handle these shifts, while ensuring alignment with our core values, remains crucial.
Family Involvement Across Generations
In our discussion, we highlighted the importance of involving the next generation. Both Kim’s daughter Shelby and my daughter Danny are integral parts of our business now, representing the fourth generation. Shelby manages one of our Dairy Queens, adhering to a structure that requires her to report to a general manager, ensuring fair treatment and professional growth. Danny, focused on business development at the Metropolis Resort, brings fresh energy and perspective to our operations.
Family involvement extends beyond immediate business roles. Watching younger family members grow and take on responsibilities has been a source of immense pride and optimism for the future. We look forward to more family members finding their place within our businesses and contributing to our shared success.
Overcoming Challenges and Looking Ahead
Challenges are inevitable, but our approach has always been to view them as opportunities for growth. Whether it's dealing with operational hiccups or navigating financial risks, our collective wisdom and experience offer a stable foundation. Empowering our managers while keeping an eye on the financial bottom line allows us to balance innovation with stability.
As we continue to evolve, we are excited about the future. In the next three to five years, we aim to expand our businesses further, innovate our offerings, and embrace new challenges. Whether it’s remodeling stores, enhancing guest experiences at the Metropolis Resort, or hitting milestones like 100,000 podcast downloads, we’re committed to continuous improvement and growth.
Starting this podcast was a family decision, reflecting our desire to share what we've learned and help others navigate the complex waters of mixing family and business. We hope our stories and insights offer valuable lessons for your entrepreneurial journey.
Feel free to connect with us at mixingfamilyandbusiness.com and subscribe to our podcast on your favorite platform. Let’s embark on this journey together!
Until next time, keep learning and growing.
– Brian Hahn
