5 Things You Need to Run a Successful Family Business

Seament is a company that did not form and see success overnight. It took founder Alexander F. Bouri many years to gain an education, build an understanding of the industry, plan, and create his business. He also did not do it alone. While he may have been the one responsible for founding it, he also had a lot of help from his family. His sons Charles and Maurice Bouri have both had a hand in the success of Seament. They have gained valuable experience from their father and had the opportunity to offer their own opinions and insights as they served various managerial roles for Seament. The Bouri family can teach us a lot about running a successful family business, including these five things you must have if you wish to see your business prosper.

1.  Knowledge of industry. You can’t create a business in an industry you know nothing about and expect to gain overnight success. Before launching your business, make sure you learn as much as possible about the industry. For instance, all of the Bouri family members studied different aspects of commerce in college, including business, finance, and marketing. They also stayed informed on the latest news regarding the cement industry. This allowed them to set their business apart from others and use their experience and knowledge to create unique solutions for over 60 countries who were suffering from cement shortages.

2.  Patience. You must, must, must be patient when running a family business. First and foremost, you need to be patient with your family, who will also serve as your co-workers. Family members and co-workers can have disputes and disagreements, and may make mistakes from time to time. Try to solve your problems and work out solutions rather than losing your cool. Remember, while they may be your co-workers, they are also your own flesh and blood. While you can get away from your co-workers, your family will always be your family.

3.  Experience. The more you work, the more you’ll learn. What is one thing the most successful leaders or business people all have in common? Years of experience. It is rare for a brand new business owner to become an overnight success. They need more experience in the industry and will often have to watch their business suffer through pitfalls before slowly gaining momentum and success. Through this process, they learn more about what works and what doesn’t, and why. The longer you work in a particular industry, the more likely you will be to understand it and its trends so that you can adapt that knowledge to your own business needs.

4.  Willingness to learn. Everyone’s heard the famous saying “you can’t teach an old dog new tricks.” Why can’t you? Because an old dog will probably be unwilling to learn new tricks. Don’t be the old dog of your business – be willing to learn new skills! No matter what industry you choose to open a business in, you’ll find that it’s always changing, which means that you will need to adapt. Keep an open mind and always be willing to give any new idea a chance. You don’t have to like or support it, but you should at least consider giving it a try.

5.  Listening skills. If you want your business to be a success, then you and your family members will have to learn to really listen to one another. Don’t let one person run the entire show. While Alexander F. Bouri was the founder of Seament, he didn’t exclude his other family members from his business, always included his sons Charles and Maurice Bouri, and demonstrated strong listening skills.

Running a family-owned business can be very challenging – especially since there’s a fair chance you will not only be working with your co-workers, but living with them as well. While this can, at times, become very stressful, you will find that when you really listen to one another, it will be a very rewarding and successful form of work.

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