Pub. 5 2010-2011 Issue 5

January/February 2011 23 Extraordinary Service for Extraordinary Members. enterprise. The old saying, “If you don’t have anything nice to say, don’t say anything at all,” has real applica- tion if your intent is to attract your child or children to someday join the family business. 2. Bring the children to your workplace asmuch as possible when they are young. Including children at an early age is usually a very positive experience for them and will create memories that link them to the business. Angie Muhleisen, president of Union Bank & Trust Co. in Lincoln, Neb., agrees. “I grew up hearing my father talk about banking around the family din- ner table,” she said. “Even though I didn’t realize it at the time, these conversations taught me a lot about banking and were the catalyst for my lifelong interest in the profes- sion.” Being proud of the business and allowing children to be around as much as possible builds ties to the business that someday might be strong enough to make them want to come back and join the business, or even lead it. 3. Have other trusted employees work with your children as they are developing. As children have their first ex- periences in the industry, allowing them to experience the business and what goes on there, while not always under the watchful eye of Mom or Dad is important. Family business thought leader and Brigham Young University Professor Gibb Dyer explained, “I have found that find- ing a nonfamily mentor for family members is extremely valuable in helping them develop their talents and get the feedback they need to grow and improve.” Choosing a trusted employee to mentor and befriend them may be the difference between pushing children away from the family business and encouraging them to gravitate toward it. 4. Expose children to different aspects of the business and see how they respond. Exposing the next generation to many aspects of the business is impor- tant for a couple of reasons. First, it gives children an opportunity to learn what they like most about the business and what they enjoy least. It also gives the senior generation a chance to see the next generation’s natural talent or inclinations to certain areas of the business. Finding the right fit in the company is key to retaining and inspir- ing the next generation to stay with the organization and grow in their leadership abilities. 5. Talk about what owning a business allows you to do for the community and the family. Lastly, it is important not only to talk about the business itself, but also to talk about the benefits and op- portunities that business ownership provides for you individually and for the family. Speak of the importance of the business in the community and express the charitable and civic opportunities you have had as a busi- ness owner. Sometimes the benefits of owning a business are not always clear to the next generation, and it is worth taking time to talk about it. Remember, when you are growing your business and introducing the next generation to it, don’t assume that just because you’ve got them in the apron and bonnet they wish to be a sheep. The last thing you want is for your child to join the business and then have them tell you, “I am not a sheep! I am a superhero!” Encourage, train, and mentor them if that is their inclination, but let it be their passion. Then the family business will have a good chance of surviving and thriving for generations to come. Z Q Family Business Dave Specht, CFP® is a lecturer in family business management at the University of Nebraska-Lincoln and is a family business consultant. Contact Specht at davespecht@ gmail.com, or visit www.davespecht.com.