There is no question that, like funeral homes, insurance is a family business. For many agency owners, nothing would make them prouder than to see their child take over the family business. When combining work and family life, there are some tricks to making it successful. If your agency is investigating whether to invite someone with your same last name into the business, take a moment and get prepared so it’s successful for you, your child and the agency.
Remember, They Are an Employee
In agencies and at home, you can forget the rules and boundaries between parent and team member. It is critical that your child get absolutely zero favors, and, in fact, I think they should have less leeway than a tenured team member. For example, if your child comes in late with Starbucks in their hand, you have to write them up. Sounds harsh when you know they broke up with their boyfriend last night, right? Nope. Wrong. You have to hold them equally accountable. They are setting an example for the entire team. Also, just because they report to mom and dad doesn’t mean they get freebies. If they were reporting to the COO of one of your companies, they would have gotten in on time.
One time this is especially important is on family vacations. If they don’t have enough time off, they can’t go. This may sound harsh, but it’s not. At any other job they would have to figure it out. Your agency is no different.
Your Goal Is to Build the Future Owner of the Agency
Hiring your offspring means that you have to mold them into the best agency owner you can. This means letting them make mistakes, having them face the wind and not protecting them from everything. Allow them to find their way and voice. This also means you need to give them special projects and goals to hit. The more you can get them to think like a business owner, the more freedom you will have.
They Have to Respect the Staff
Yes, some of your team may have changed your child’s diaper. And yes, sometimes the youth of America aren’t always the most professional, but you cannot tolerate your child being in any way, shape or form disrespectful or rude to your team. Remember, at some point if the journey works out, your team is their team.
No Calling Each Other Mom or Dad
In the business environment they should refer to you just like every other team member does — by your name. When a “mom” or “dad” slips out, we are taking a professional environment back to the living room. Also, this includes arguments. No family drama in the workplace. You can’t treat your child any differently than the rest of the team, and the rest of your team members can’t have arguments in your lobby. If it’s a family matter, wait until you’re home. If it’s a performance matter, make sure it’s handled the same way you would with any other team member.
Have a Clear Plan
You may not know when you want to sell the agency or if you want to sell it to your child. That is ok, but you can’t tease them with it either. The fair procedure is to hold a professional meeting every year with an official update on your strategy and their performance. Avoid at all costs talking about any potential ownership changes on the fly. Instead, just like if you were selling your agency, have formal meetings.
If you are the son or daughter of an agency owner, remember that you are an employee. If your boss at another agency didn’t retire and turn over the reins right away, would you have a fit? No. You would work harder.
Conclusion
I can barely eat Thanksgiving dinner with my family, but I know a lot of families who run very successful family owned agencies by following these rules. Remember, it takes both parties following the rules to make a successful family business. If you are struggling with this, take a look at our Agency Assessment.
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