We all want to leave a legacy behind. For many business owners, bringing your children into the business to keep it going is the end goal. Doug Kreinik, owner of Kreinik Manufacturing, founded in 1972, discussed with Jim Matuga, host of The Positively West Virginia Podcast, his family business advice to business owners who want to bring their children into the family business.
Kreinik Manufacturing, whose products are sold all over the world, is a family-owned silk and metallic threads business in Parkersburg, West Virginia, and has produced threads for the popular TV show, Game of Thrones.
Ask your child to work for someone else before hiring them.
As your child grows up, there are a few things that you can do to help them become a well-rounded individual.
Never talk negatively about the business; however, do be honest about how things are going.
Ask your child about his or her career goals. Make sure they know they have the option of doing whatever they want.
Suggest that your child work for someone else before they work for you.
“I think to understand how people are expected to work for managers or companies can be better learned by going out and working for someone else,” Kreinik said. “Then, they bring that experience back to the company. If that child goes on to become a manager or owner of the company, they will know how to treat their employees.”
Do not bring your child’s spouse, if they have one, into the business.
This topic, however controversial it may seem, should be talked about.
As parents, you want to help your child and their spouse. However, from experience, Kreinik advises not to bring in the spouses of the children.
“If you have multiple children in the business, and you bring in the spouses, there can be friction.”
At one point, there were six members of the Kreinik family working for the business. “It was harrowing at times,” Kreinik said.
Learn effective communication if you want to open a second location.
Having the opportunity to open a second location is fantastic! It’s a great opportunity that your business has worked for.
However, learning effective communication is going to be important.
“If you have a small business and want to open a second office, it is kind of tough, depending on how small or big you are,” Kreinik said. “Often times, there is missed communication.”
There are multiple ways to effectively communicate, such as establishing a healthy line of communication and using online tools for meetings.
To establish a healthy line of communication, make it a habit. Whether that is a conference call, internal newsletter or employee reviews, having regular communication decreases the time it would take your employees to search around for the information they are looking for.
If your employees don’t like scheduled sit-down meetings, try using an online tool that allows video chat or real-time messaging.
These three pieces of advice that Kreinik have offered are from his years of experience as a business owner.
Doug Kreinik was a guest on The Positively West Virginia Podcast. Listen to his full podcast here.
PWV QUICK BITS | FAMILY BUSINESS ADVICE
- PIECE OF ADVICE: “One: the child of the family should work for someone else prior to being employed by their parents. Two: when you’re a parent bringing in your children, don’t bring in their spouses. Lastly, if you have a small business and you want to open up a second office, this can be extremely difficult as communication now becomes harder.”
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