3 things I learnt about running Family Businesses

I married into a family that runs a business. 

In 2006, I graduated with a Bachelor of Science (Pharmacy) degree and I didn't feel that the hospital or the polyclinic or Guardian was where I wanted to work or to build my career.

One day, my then boyfriend told me his dad needed help in the business. It sounded like fun and interesting to me although I knew nothing about gemology nor was I someone who likes the jewellery kind of stuff.

So I started on my entrepreneurship journey.

It was all about learning the ropes at the beginning. The science behind gems isn't too hard for me although I still needed to study hard for my Diploma in Gemmology, while I was pregnant with my first child.

I was tasked to take care of the institute while my husband had to learn how to buy and sell gemstones. While taking care of the gemology institute, I learnt that I enjoy teaching and training a lot. I also discover that I enjoy doing course development work.

In 2015, we had the opportunity to set up The Gem Museum, first and most comprehensive gems and mineral museum in Singapore open to the public. The journey up to this point had already been tough. There were a lot of disagreements and judgements among the family members. But somehow I bit the bullet and made the Gem Museum a reality.

We suffered much losses - financial, relational, emotional - during the setup, creation and execution process. However, even after The Gem Museum officially opened on 1 June 2015, the disagreement, stress and frustrations did not stop. To the point where I suffered from mild depression without realising it. 

I threw in the towel and quit.

I took a break from there, but really, there wasn't a break. I had to finish what I started and handover what could be handed over. 

At the same time, I felt that I couldn't go back into the pharmaceutical industry since I was already out of touch for about 10 years. And because it was a family business, I really couldn't say quit and leave behind everything I have started.

That's why I'm still in the business today, after 15 years.

In order to continue the legacy that my father-in-law started, I thought of all kinds of possibilities. The heart of the entire family business is the Gem testing lab. It was the USP of the business. But my father-in-law was the Key Person to this business. Although he had hoped that I could take over and do what he does, it was really difficult for me because I honestly felt inadequate. 

Still, I had to try to do something, because I BELIEVE IN LEAVING A LEGACY. That was when I started to link insurance with jewellery. We had many stories with regards to insurance x jewellery at the lab, but that's for another blog post.

So the road to becoming a Financial Services Consultant began.

I thought by learning about insurance, I could complement that knowledge, skills and licence with what I'm already doing, at the same time hoping that the transition to take over the lab business will be easier. However, it was not what I thought. Perhaps it was in a good way, a sobering journey.

Through these years, there are 3 things that I learnt about family businesses:

1. There is a family pride. What the first owner started, must be maintained and must continue.

2. There are a lot of emotions involved. You really can't say quit and leave everything behind. 

3. Succession planning must start early. The entire process may take as long as 10 to 20 years. Not only that, it is a continuous process.

Family Business woes...

Being in a family business is different from being a business owner. On one hand, we have to manage family relationships, on the other hand we have to make sure the business last for a long time. 

I am thankful that I got involved in the financial industry, and I am very glad that I am in the company where we believe in leaving a legacy and to preserve and grow family wealth, for generations to come. 

Business Succession planning is SO IMPORTANT as business owners. Whether or not we intend to hand the business down to our next generation or to sell our business for a profit, succession planning should be part of the plan. 

If you are interested to talk to me about your family business, woes and victories, feel free to let me know by filling in your details in this link:

https://www.summitplannerscluster.com/campaigns/business-succession-plan?code=0CX95

Conclusion

I believe that the moment we can be open and vulnerable to talk about our struggles, that is the point where we will start to have breakthroughs and transformation in our lives. It has helped us overcome our worst times and I am eternally grateful to those who came alongside to help us, whether or not they are being paid to coach us. 

So I look forward to connecting with you soon!