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Help! My Dad Retired from the Family Business Years Ago but Still Tries to Run It and It’s Causing a Lot of Problems

It can be difficult when a parent retires from their job within the family business but continues to act as if they are still in charge. They may make unnecessary demands or try to micro-manage things that are no longer their responsibility. This can cause tension and conflict among other family members who are trying to run the business smoothly. If you find yourself in this situation, it is important to set boundaries and communicate effectively with your parent. So, let’s discuss some tips for how to do that.

The “Unable to Let Go” Syndrome

Some people, be it a father, mother, or even another family member, who’s worked for long periods of time in a family business regard the company as part of their identity. It’s simply part of who they are and therefore, it’s not easy to walk away. It becomes even more difficult when handing the operation over to children, who don’t have all their years of experience.

One of the most agonizing experiences that any business faces is moving from one generation of top management to the next. The problem is often most acute in family businesses, where the original entrepreneur hangs on as he watches others try to help manage or take over his business, while at the same time, his heirs feel overshadowed and frustrated. Paralleling the stages of family power are stages of company growth or of stagnation, and the smoothness with which one kind of transition is made often has a direct effect on the success of the other. —Harvard Business Review

Unsurprisingly, this can easily lead to a father, mother, aunt, uncle, or even a cousin to hang around. Perhaps to the extent that he or she still continues to “run” the business, without the permission of their successors. He or she may make promises, enter into deals, or offer discounts that undermine the new authority of their successive family member(s). Of course, this can cause resentment, anger, frustration, and might also be the cause of unnecessary fighting and/or financial trouble.

How to Deal with a Parent Who Keeps Interloping in a Family Business After Retiring

Fortunately, if you’re in a situation where one or more of your family members has retired but still continues to interlope in the family business, there are steps you can take. First, you need to have a discussion with your parent about their role in the business now that they are retired. It is important to be respectful yet firm in this conversation. Explain to them that while you value their opinion, they need to respect the fact that you are now running the business. This means that they should not try to make decisions or give orders without consulting with you first. You may also want to set some ground rules about how often they can come into the office or participate in business meetings. It is also important to stay calm and avoid getting into arguments with your parent. If they continue to try and take control, it will only escalate the situation and make it more difficult to resolve. Instead, try to have a rational and calm discussion about the situation. If necessary, you may need to involve other family members or even a mediator to help resolve the situation. Additionally, it may be necessary to speak privately with any customers who aren’t completely clear about who is actually running the company and who makes the decisions. This could help in the future with communication and in other important areas. If you find yourself in this situation, it is important to set boundaries and communicate effectively with your parent. By doing so, you can hopefully avoid conflict and maintain a healthy relationship with your parent. Have you ever dealt with this type of situation? What would you do to resolve it? Please take a moment to share your experiences and thoughts so others can benefit from your input. Interested in learning more about business? Then just visit Waters Business Consulting Group.

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How Businesses can Deal with Inventory Supply Shortages

May 27, 2021 No Comments

Inventory supply shortages will happen. Sometimes, it’s due to overwhelming consumer demand, leaving businesses unable to keep stock. Other times, like now, inventory supply shortages occur as a result of material shortages and/or manufacturing issues. At this time, lumber and other essential construction materials are in short supply. Likewise, computer processing chips are also limited in supply. So, if this happens to your business, you need to be prepared. Inventory Shortages are Inevitable There’s no such thing as unlimited supply when it comes to material inventory. Whether it’s a disruption in the supply chain or sudden and unexpected limit of raw materials, the end result is the same — businesses can’t keep their shelves stocked. When put in this precarious situation, sales are inevitably affected, usually negatively. COVID-19 has had a disruptive effect on the global supply chain, and small businesses are not immune. An average of more than 30% of American small business owners across sectors still reported a disruption to their supply chain in June 2020 data, months into the pandemic. Supply-chain disruptions can affect small businesses in many ways: They can reduce revenue, inflate costs, cut into market share, or cause issues with production—all of which can damage a company’s bottom line. —The Balance Small Business Of course, a drop off in sales can be temporary and inflict minimal damage. But, a prolonged shortage will certainly cause a lot of monetary damage. If there’s enough inventory missing for a long enough period of time, it can spell the end of a business altogether. Ways Businesses can Deal with Inventory Supply Shortages When inventory supply shortages occur, it’s only prudent to react with strategic means. Business owners must act immediately, particularly if there’s a sense the shortage will go on for a lengthy period of time. Here are four ways businesses can deal with an inventory supply shortage: Explore alternative vendors. Fortunately, there are usually a few or more vendors who supply businesses with the same types of inventory. Even a source that’s a bit more expensive can be worthwhile if it keeps customers coming through the door. (And, better still, if competitors aren’t willing to pay a higher sourcing price.) Clearly communicate with customers. There’s simply nothing good that can come from not being totally up-front with your customers. In fact, there’s hardly more that is counterproductive. If you experience an inventory supply shortage, let your customers know what’s going on — especially if it’s expected to last for a significant amount of time. Tap into super-sized, large bulk orders. Much like the first suggestion, you might find inventory for products in short supply in larger bulk orders. Obviously, you’ll have to run the numbers to determine if it’s financially viable and doesn’t present too much a risk. Identify problems with inventory management. There are times when businesses have inventory issues that are caused by their own ordering and selling practices. Go over your procedures to identify any problems and then apply sensible solutions. What other suggestions do you have? Please take a few moments to share your thoughts and experiences so others can benefit from your unique perspective! Your input could really help someone out! Interested in learning more about business? Then just visit Waters Business Consulting Group.

How New Business Owners and Startup Entrepreneurs can Deal with Holiday Stress

December 21, 2022 No Comments

Although the holidays are usually fun and enjoyable, they can be a significant source of stress. With so much to do and less time to get everything done, it’s very easy to feel overwhelmed. Stress can be particularly acute for business owners and entrepreneurs during the holiday season and this means being able to recognize the symptoms and cope with them appropriately. Why It’s Very Important to Take Stress Seriously Stress is a natural response to the demands and challenges of life. However, when stress becomes chronic and is not effectively managed, it can have negative effects on both the mind and the body. On the mental level, stress can interfere with concentration and decision-making abilities, leading to reduced productivity and difficulty in problem-solving. It can also cause feelings of anxiety, depression, and irritability. In extreme cases, chronic stress can lead to the development of mental health disorders Ask almost any small business owner about their plans for the holiday season, and there’s about a fifty percent chance they will laugh in your face. December is a notoriously stressful time for business owners, as the combination of wrapping up the end of year finances and projects, creating projections for the year ahead, and showing appropriate gratitude for customers and employees adds up to a heap of extra anxiety. —All Business.com On the physical level, stress can have a wide range of negative effects on the body. It can cause muscle tension, headaches, and digestive issues, as well as weaken the immune system and increase the risk of heart disease and stroke. Stress can also disrupt sleep patterns, leading to fatigue and difficulty in getting a restful night’s sleep. To mitigate the negative effects of stress on the mind and body, it is important to find healthy ways to manage stress, such as exercising, mindfulness practices, and healthy eating. By taking steps to manage stress, individuals can improve their overall physical and mental well-being and live happier and healthier lives. Tips Business Owners and Entrepreneurs can Use to Cope with Holiday Stress The holiday season can be a stressful time for new business owners and startup entrepreneurs. Between trying to meet end-of-year goals, managing a busy schedule, and dealing with the added pressure of holiday expectations, it can be easy to become overwhelmed. Here are five coping strategies that can help new business owners and startup entrepreneurs manage holiday stress: Set boundaries. It’s important to set limits on how much time and energy you dedicate to your business during the holiday season. Set aside specific times for work and make sure to take breaks to rest and recharge. Delegate tasks. Don’t try to do everything yourself. Delegate tasks to your team or consider hiring temporary help to alleviate some of the workload. Practice self-care. Make sure to prioritize your own well-being during the holiday season. This may include exercising, getting enough sleep, eating well, and finding time for activities that bring you joy and relaxation. Seek support. Don’t be afraid to reach out to your network for support and guidance. Surrounding yourself with a supportive community can help you navigate the challenges of the holiday season. Practice mindfulness. Take a few minutes each day to focus on the present moment and practice mindfulness. This can help you feel more centered and better equipped to handle the demands of the holiday season. By implementing these coping strategies, new business owners and startup entrepreneurs can effectively manage holiday stress and maintain their productivity and well-being during this busy time of year. So, what else do you recommend to help entrepreneurs and business owners deal with the stress of the holidays? Please take a few moments to give your own input to help others out during this time of year. Interested in learning more about business? Then just visit Waters Business Consulting Group.

Hurricanes, Wildfires, and Earthquakes: How Business Owners Can Effectively Deal with Big Problems (Without Ignoring Smaller Ones)

February 13, 2025 No Comments

Two monstrous hurricanes hit the southeast late last year – Helene and Milton. Weeks later, ferocious wildfires engulfed southern California. This past Sunday, earthquakes shook Greek islands, followed by a pair of earthquakes rocking San Bernardino on Monday.