JKL Associates has celebrated over 35 years of working with family and tightly held small and medium-sized businesses. Over the years, we have had the honor of helping these organizations journey from startup to maturity, and then perpetuate the business across generations or facilitate the transfer of asset value into the marketplace. This segment of the business world is unique, filled with twists, turns, challenges, and opportunities. Each day can be a collage of family dynamics, flavored with marketplace dynamics, and let’s not forget non-family-member challenges. Interestingly enough, when added all together, this segment of the business world is the largest and most contributing to the nation’s economy. With so much dependent on this business segment, it is key that owners and leaders in this segment receive the recognition they deserve.
A key aspect of family-run businesses is the opportunity to treat everyone in the organization like family. In some cases, that is a welcome situation. In another situation, non-family members might want to avoid that opportunity. This is identified here because this single attribute of small- to medium-sized family- and tightly held-businesses could have a magic ingredient for attracting future talent.
Over the years, the nuclear family has been disrupted for any number of economic, social, and other reasons. This disruption has broken down some of the work ethic, expectations, and, as simple as it is, the feeling and finding of purpose that members of a family might enjoy. Newer, younger talent entering the marketplace, having been cultured in the absence of these family aspects, is actually looking for just these elements. They want to be part of a family. They want to be part of something bigger than themselves. They are seeking purpose. This is where the family-run, culturally operated business has something the large, mega business just can’t match.
Corporations can attempt to cultivate cultures that embody some of these characteristics, but they can’t hold a candle to the authentic dynamics a family-owned and operated business can offer. Caution here: some of the talent entering the marketplace may initially be interested in such a culture or work environment, much like trying a new food to see if they like it. Others have tasted it and now need more of it.
This is why business owners need true Core Purpose, Core Values, and principled expectations at the onset of an employment engagement, so that workers’ experiences are realized not just by chance but enhanced in every interaction with everyone in the business. Future generations have had plenty of experience being disappointed by artificial environments. Some of them are very good at sniffing them out and staying clear of them for their employment. When you offer an authentic culture and reward both family and non-family with an environment that fosters growth and contribution, the magic ingredients will begin to blossom.
This week, as you look at your business through the lens of family culture, ask yourself what you can do to ensure your culture is open, welcoming, inviting, and sustainable for the future generation of great talent entering the marketplace. What is your strategy to identify them, attract them, invest in them, and allow them to be key contributors to your future success?
Need a Promise Guide to help with your attraction strategy? Give JK Associates a call at (407) 984-7246 in FL or (313) 527-7945 in MI.
Journey On!
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QUESTIONS OR COMMENTS – EMAIL US AT PARTNERS@JKLASSOCIATES.COM OR CALL OUR OFFICES – MI AT (313) 527-7945 FL AT (407) 984-7246
Celebrating 30 years of Delivering on “Promises”
