“Behind the success of every small business, there is a family”
Family businesses are extraordinary. In a time where the popular media and press push the next big thing, family businesses often don’t get discussed. But the statistics don’t lie and they are eye popping…….78% of new job creation comes from family businesses…..over 50% of U.S. GDP is generated from family business…..90% of U.S. businesses are family-owned or controlled by a family.
We talk with plenty of aspiring entrepreneurs and many of them talking about wanting to start a business their whole family will be proud of and can participate in. I get that because I was in a similar situation 5 years ago. For many reasons, I was at that point in my life that I went from passively searching for a business to setting up meetings with bankers, lawyers, and business brokers to actively search for a business. As part of this process, I came up with criteria for the business that I wanted to buy. Recently, I looked back an email I sent to my dad and here were the top three criteria:
- A business that is flexible with family/work time
- A business that my wife and kids can all enjoy ownership in
- A business that has the opportunity to grow greater than it currently is
Those aren’t the entire criteria (hint: #4 was purely financial), but you can see how the first three criteria were directly driven by my family. To be very honest, I would not own Monkey Bizness today if it weren’t for my three kids.
When I first reached out to the former owners of Monkey Bizness to see if they would be interested in selling, my wife and I decided that we would keep this mostly secret for a while. As things progressed, I let a few close friends in on what was happening. When we finally signed a purchased agreement, I let a few more people in. It wasn’t until all the T’s were crossed I’s were dotted that we told our kids. And when we did, it was an awesome experience.
Three years later my entire family is still proud owners of Monkey Bizness. My oldest child who was 8 at the time is now 11 and asks when he can go to work for one of our stores. My 7-year-old asks me when he will be the owner of Monkey Bizness. Not to be outdone, my 4-year-old recently asked that since we own Monkey Bizness, could she have a birthday party every weekend.
In all seriousness, my wife is my business partner in the venture. Prior to buying Monkey Bizness, we would have sessions where we would talk about all of the things we wanted to do. Every couple of months we still sit down over a glass of wine and discuss the business in depth. Because she is somewhat removed (she is a 3rd grade teacher), she can sometimes see the bigger picture and has great ideas to grow the business.
Monkey Bizness has also provided the personal flexibility that I have always wanted. While no business owner will tell you that they don’t work hard, business ownership does provide a weird flexibility in and owner’s schedule. I coach both of my son’s flag football teams and haven’t missed a parent teacher conference in 3 years. My 11-year-old walks home from school because I am working at home most afternoons.
As a parent, no situation is perfect. There is not a situation out there that will pay you enough money, give you enough flexibility, and provide the career growth you are exactly looking for. Trust me…I have looked. However, Monkey Bizness for my family has been as close to perfect as possible. While it is not without stress, the pride owning a family business has given my entire family has been worth it many times over.
If you are interested in learning more about owning your own Monkey Bizness, please contact us now.
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