You are reading issue #016 of Beyond the Bottleneck. Every Saturday, I share one practical lesson on reducing owner dependence and building a business that relies less on you.
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It was during one of my conversations with another business owner that this topic came up.
Indian family businesses are facing a major challenge these days.
The kids of Indian business parents are not interested in joining the family business. And the ones who are already working are looking for an exit.
The parents are confused about why their child would say no to a business that is generating good revenue and profits.
When asked why, the child gives a very logical answer.
"I want to do something on my own."
"I want a salaried job."
"I still need time to think about it"
Their reasons may sound logical on the outside. But these reasons have deep emotional roots.
Being involved in our family business for the past 15-odd years since my teenage days, I feel there are 3 major reasons why a child might want to opt out of the family business option. Both the parent and the child need to understand these.
1. Pseudo power
A parent proudly tells the world, "My son (or daughter) has joined the business. We've given them full control of the so-and-so department."
Have you really?
Are their ideas getting second-guessed every time? Do they have to beg for permission to implement a change in the process?
If that's the case, no matter how big a position you give them, they will always choose to opt out. They're simply not getting space to cultivate their own ideas.
2. The forecast they hate
A human mind always forecasts future possibilities before taking big decisions. It understands and stores patterns of past conversations, interactions, and behaviours.
So when the opportunity of joining the business presents itself, the child's mind also does an emotional forecast. It scans the memories of the past 25 years spent with the parents, and forecasts the next 25 years being in business with them.
If that analysis gives them a negative feeling, they will do anything else instead of joining the business.
3. Burden of respect
Every Indian kid is taught to respect their parents and elders. But this social norm often limits the child from conveying their opinions and views strongly, because that's what most children face growing up.
This can lead to emotional suffocation, even in business.
Respect the role you've given them, and learn to back off once they start taking decisions for that role.
The parent's responsibility
If you're giving them full authority, then give full autonomy to implement new ideas and take decisions for their responsibilities. Let them take ownership of their ideas and decisions.
When your child starts a new journey in your business, you also need to start treating them like a business partner, not like a child at home.
Teach them to respect behaviour, not age. That way, they won't suffocate internally, and they'll gain the confidence to express themselves freely.
Keep your emotional intelligence antenna high, and see through their feelings and emotions. Because once they find it safe to work in the family business, they'll perform much better and stick with you for the long run.
If you're a parent reading this, where do you think your child feels the most unheard?
That's all for this week.
See you next Saturday.
Live a life beyond the bottleneck.
Cheers,
If your goal is to build a business that relies less on you, you first need to identify where it depends on you.
Take the Owner Dependency Audit. Takes only 15 minutes.
