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Starting and running a business with family members can be fulfilling. But, as Alden Richards points out, it can be tricky. First, you need to work together so the company runs smoothly. But there is an added responsibility of handling disagreements with extra care to maintain strong family relationships.
SmartParenting.com.ph got to talk to Alden last October 15, 2021, along with other Summit Media editors during the media briefing of his contract signing with GMA-7. He spoke to us about the pros and cons of a family-run business.
Advantages of running a business with family
Aside from acting, Alden has an entrepreneurial mindset. He has invested in a couple of restaurants that he manages with his father, Richard Faulkerson, and siblings.
He said that one good thing about it is the trust and concern for the business are established immediately.
“Mas madali because the trust is there. the love is there, the protection you need is there…’Yung genuine concern and love for the business is nandun agad as opposed to when you get it from people that’s hindi mo blood-relative,” Alden said.
Alden also sees the advantage in all of them who are in various ages and have different outlooks in life. He said this kind of diversity actually fosters a collaborative environment, which is important in any business.
“Maganda rin na iba iba kami ng edad and maganda rin na iba yung tingin namin sa mundo para at least collaborative yung meeting, masaya siya actually,” he said.
Challenges of having a family business
ADVERTISEMENT – CONTINUE READING BELOWOwning a business with your family does not lessen the risks that come with it. If anything, it adds another layer of challenge in the business setup.
“It’s very tricky to run a business with family because, number one, there are certain protocols na medyo mahirap i-implement especially if it’s family ’cause family always comes first, eh,” Alden said.
For Alden, the key is to find the right balance between being business partners and family members. In their case, they do this by temporarily forgetting to be part of a family whenever they hold business meetings. “Walang personalan, trabaho lang,” as the famous Pinoy kasabihan goes.
“What I really like about our current set-up now is when we are having a board meeting every month, ano kami, we’re on our designated positions. So, my dad, me, and my siblings, ‘pag nag-uusap kami, hindi kami family, we’re business people, we talk about business. At that moment, hindi ako kapatid, ‘yung tatay ko hindi tatay, we’re business partners.”
In the end, Alden says that he and his family members can survive any challenges thrown their way as long as they face them together.
“Siyempre there’s still challenges when it comes to that, manageable naman. All we have to do is really sit down on it, talk about it, and be mature of our decision-making. So, having businesses with family, parang we step on to a maturity na on a different level,” Alden shared.
Alden is a business partner of Gemma Sembrano, Concha’s Garden Cafe’s owner. In 2019, he also opened his branch of a fast-food franchise in Laguna.
CONTINUE READING BELOWRecommended VideosSmart Parenting also talked to Alden Richards about grief and coping with the loss of a parent. Read the article here.
Alden Richards On Running A Business With Family: ‘Tricky But There’s Trust And Love’
Source: Progress Pinas
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