Becoming an expert in your career or achieving success beyond your wildest dreams doesn’t come without obstacles. Even those born with a brilliant mind or a plan for greatness have a path to clear. At the heart of every success story is a clumsy first effort, an embarrassing misstep and even the dreaded “F” word…FAILURE.
But overcoming setbacks is an essential part of developing a career, and family business owners have a unique perspective on this. Whether large or small, a successful family business wasn’t built overnight or without stumbling and making sacrifices along the way. But, that gives family business owners a distinct advantage to help the next generation develop a fool-proof work ethic.
Federal and state laws are appropriately set up to protect the well-being of children. However, family businesses are granted some exceptions that can be an opportunity to develop a work ethic in their younger family members. For example, children who are 12 years old can work for their parents as long as the parents are the sole owners of the business entity and the kids are not employed in hazardous occupations*.
Very few children know what career path they want to take when they grow up. A family business sets the perfect stage for mentoring a child in a business environment. By exposing children to a work setting, they have the opportunity to explore and make educated career choices as they age. They also experience the internal processes and relationship dynamics that make up the family business.
At REGENERATION, we believe family business owners should be heavily invested in their family successors. If you’re seeking innovative or creative ways to develop a mentoring model within your family business, we can help. We understand the dynamics of working inside a family-owned company and can develop a structured program that will provide the best possible learning environment and opportunities for your young successors.
* When the federal and state laws differ on child labor, employers (including parents) must follow the higher standard.