SunStar Publishing Inc.
Family businesses are unique in the world of entrepreneurship. A majority of the world’s wealth is created by family-owned businesses. In the Philippines, 80 percent of our enterprises are family-owned, according to a Credit Suisse Research Institute study.I find that running our family business comes with its unique challenges and rewards. When family dynamics and business operations converge, things could often get unpredictable.
To maintain a healthy balance, you need to create boundaries between family time and business time. In our case, we get together as a family once a week, usually on Sundays for dinner. Although difficult, we do our best not to discuss business during these times. We also schedule a family trip out of town once a year. These activities cost money, but we view them as an investment rather than as an expense.
Although our family-business constitution prevents members from going into business outside of the family, we encourage them to pursue their own interests and personal development outside of the family business. We support their interests in sports, music and the arts not only morally but financially as well. This not only enriches their lives but bring new skills and perspectives to the company.5.
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