Family Business

It's Wednesday and it's time for some Wit and Wisdom.

This week's wise words come from the late John M. Huntsman.

In his book, Winners Never Cheat, Even in Difficult Times, the billionaire explained his life philosophy.

He says the surest path to success is one where others walk with you.

In his case, it focuses on operating a family business.

Huntsman prepared his children early.

He and his wife Karen discussed business with their kids during their elementary school days.

They decided that two simple rules would keep their family close while operating a business.

Rule number one, in a family business, check your ego at the door.

There is no room for self-aggrandizement, he wrote.

In a family business, everyone knows the abilities and shortcomings of the others.

There are no secrets.

The success of family businesses relies on trust, respect, and love.

And rule number two, be a cheerleader for each other.

Seek good fortune for the other person first.

Most family businesses end up in disarray because of the selfish interests of one or another sibling.

Effective communication is essential.

Parents must talk to each other openly and honestly about the business, and especially about estate planning.

Parents must educate their kids about those areas.

Secret wills and selective entitlements upon death almost always end up in family feuds or lawsuits.

These rules worked for his family.

His eldest son, Peter, still runs one of his businesses today.

What do you think?

Would you want to work with your family?

Tell me in a comment at jamesbrowntv.substack.com or email me at jamesbrowntv@gmail.com.

You can also leave me a message at 585-484-0339.

On that note, I'm James Brown, and as always, be well.