Ep. 285 | How Much Sacrifice is Appropriate for a Family Business?
The Family Teams Podcast
Jeff Bethke
4.9 • 729 Ratings
🗓️ 15 June 2020
⏱️ 5 minutes
🧾️ Download transcript
Summary
Jeremy and Jeff discuss family businesses.
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Transcript
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| 0:00.0 | And I'd use that word a lot. |
| 0:01.1 | Like, guys, we are in harvest season. |
| 0:02.9 | Dad's got to work really hard. I've got to make, you know, hey, while we can because it's not, it's not like this all the time. What's up, guys? Welcome to another five-minute fatherhood. So Taylor asked in our homeroom community, how much sacrifice should the family team take in order to start up a business? I know |
| 0:21.5 | that typically it takes a lot of time to get yourself out in the market and I can't just quit my |
| 0:25.8 | full-time job in order to give my full attention to the startup. I have a young, growing family |
| 0:30.3 | and I am trying to discern what is best for our team in this season. I love this question. |
| 0:35.9 | So our family has faced this many times, |
| 0:38.2 | and I do think that it's really important to allow your family to take seasonal hits |
| 0:46.1 | for the long-term success of the family in terms of things like a startup business. And so the way |
| 0:52.6 | that we've thought about this is that we wanted a boundary the hits our family |
| 0:58.0 | would take. |
| 0:59.0 | And it always was with the caveat that if this succeeds, it's going to be really better for |
| 1:04.0 | our family overall. |
| 1:05.0 | And so it's not like our family is taking a hit that's going to damage them long term. |
| 1:09.0 | In the long term, our family is actually |
| 1:11.0 | benefiting tremendously, and we've experienced that. The three or four times we've had to do this, |
| 1:17.2 | kind of we go into startup mode as a family and just really start to work a lot of hours to |
| 1:23.2 | really get a business off the ground. And again, it has been, it has ended up blessing our family |
| 1:29.7 | tenfold what it cost our family. But there is a difficult season in which your family has to |
| 1:35.3 | take a hit. So what we did, what we in April, kind of at one point, had to sort of sit me down |
| 1:42.0 | and talking me about this and really gave me some good advice on just how to lead the family better through these seasons. She kind of like, you know, I would kind of go into startup mode all of a sudden. Like I would see it coming. I'd be like, oh my gosh, I got to put a lot of hours in. I would just start to work like crazy amounts. And then April would be getting more and more frustrated. And then I'd say, well, honey, what do you want me to do. Like I'm do like I'm in startup mode she's like well why didn't why didn't you say that like two weeks ago |
| 2:04.3 | and then and so I was like oh yeah I just kind of did it um so what I decided to do was I just got more |
... |
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