5 lessons from working in a family business
"Never work with family" is something I heard years ago. It may have been valuable advice for some, but clearly I had other ideas.
My family's business, Platania Financial, has been a part of my life for as long as I can remember. Growing up in Arlington Heights, I spent many hours hanging around the office with my dad, Jim Platania Sr., and mom, Bridget Platania.
It's where I interned in high school and college and learned about stocks and bonds. After graduating college and working for a few years in public accounting, I received a phone call from my dad. He told me he would be bringing on another Wealth Management Advisor. My dad then asked if I would fill that role, and the rest is history.
I've learned a lot since that phone call in 2015. Working in a family business can be both amazing and difficult. Amazing when you succeed alongside those closest to you. Difficult when personal and professional lines become blurred. Here are five lessons that I've learned working in the family business:
1. Set boundaries
Working with family comes with emotional ties. Without the right perspective, personal matters can carry into the workplace and work issues can affect your personal relationships. That's no surprise when you know the history, strengths, weaknesses and tendencies of a family member you work with.
At the end of the day, these aren't your average 9-to-5 co-workers. The best way to keep your emotions in check is to establish boundaries. Have a proactive discussion with your family colleagues about what gets brought into the workplace and what gets left at the door.
2. Young and old can learn from each other
I've learned a great deal from both of my parents. My dad's ability to grow the business by creating long-term, multigenerational client relationships is something I admire and strive to build upon.
I've also learned from my mom's organizational and operational talents, which have made me more detail-orientated. In turn I've brought a fresh perspective to Platania Financial, including a greater understanding of the evolving technology and consumer landscapes. Who says that baby boomers and millennials can't get along?
3. The family bond is an advantage
Trust comes inherently through a close family bond. In a business world that can feel increasingly corporate and impersonal, having a foundation of trust has three advantages for our family firm. First, I can trust my mentors. As an adviser six years into the job, I'm still learning. I can trust the guidance and advice from my dad, who has decades of experience helping clients. Second, my parents as owners of the firm can trust that the business will be in good hands long after they leave it. Lastly, clients can take comfort knowing that a well thought-out succession plan is in place.
4. It's our name on the door
We take pride in what we do and believe in the saying, "When your name is on it, your heart is in it." As a family business the quality of work we provide reflects on us directly. While the upside is ours, so is the downside. Hard work pays off; cutting corners does just the opposite. In any family business that pride can drive success and ultimately help leave behind a legacy.
5. Appreciate the opportunity
Occasionally, I speak with others who are considering joining their family business. My advice: Don't take the opportunity for granted. The longer that you're in the working world, the more you realize how rare and unique of an opportunity it is to work with your family. For those who are close with their family, working alongside them can turn out to be a blessing on both personal and professional levels.
Working with my folks, as well as our client relationship manager Caroline Holcroft, has been an incredible experience for me. While navigating the dynamics of a family business can at times be a challenge, I wouldn't have it any other way.
• Jim Platania Jr. CFP®, CPA is a wealth management advisor at Platania Financial Inc., located at 2 W. Northwest Highway, Arlington Heights, IL 60004.
He can be reached at info@plataniafinancial.com or by phone at (847) 870-7526. Securities offered through LPL Financial. Member FINRA/SIPC.