My father was the entrepreneur in our family, and now I have to take over the family business. Honestly, I’m unsure of what to do. I have a management degree, but it feels almost useless because I lack practical experience in the field. I feel lost and don’t know where to begin.
The company is a production facility with an outdated structure, and there’s a lot that needs updating and improvement. I have a lot to live up to, and it feels overwhelming. Given that my father built this from nothing, I’m worried about potentially ruining it with my lack of experience.
Don’t shake things up too much. Look after everyone, listen carefully, and spend time on the shop floor, eat lunch in the lunchroom. It will take time to understand the metrics and office politics. Focus on outdated structures only if cash flow is a problem in the first year. Since it’s your company, get to know it well, work with the current teams, and then make changes.
You recognize what you know and what you don’t know.
You’re heading in the right direction. The worst thing would be pretending to have all the answers.
As others have mentioned, lean on experienced employees. Show them respect and ask plenty of questions. Be actively involved and learn quickly. Avoid relying too heavily on just one employee. Ask multiple people the same questions and trust your instincts.
You’ll rely on skilled, experienced individuals. Pay them well and let them share their knowledge with you. Over time, you’ll gradually gain experience yourself, and eventually, you can decide whether to take on a leadership role or maintain the current approach.
If your father is still alive and in good health, he could mentor you for a few years. If not, you’ll need to depend on experienced employees. Spend time with them and learn from their knowledge. Avoid being overly critical at the start; instead, gradually introduce new ideas to the company over time.
Thank you, I will ensure I do not disrespect anyone