The EntreLeadership Podcast Should I Try to Save Our Failing Family Business?
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Jun 16, 2025 A son grapples with whether to stay in a failing family business or seek new paths. The struggle between empathy for team members facing personal crises and the financial realities of running the business is explored. Communication among employees is highlighted, underscoring how personality assessments can boost team dynamics. Delegation challenges in family-run enterprises are discussed, stressing the need for trust and competence. Finally, practical insights and strategies for effective delegation and identifying key business opportunities are shared.
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Get a Seat or Move On
- If you're not involved in key decisions and the business isn't profitable, it's a sign to reconsider your involvement.
- Request a seat at the decision-making table to restore hope or consider moving on without bitterness.
Manage Employee Absences Firmly
- Set clear policies on employee absences based on what the business can sustain financially.
- Communicate limits kindly, enforcing unpaid leave after PTO is exhausted and replacing staff if absences continue.
Train Before You Delegate
- Build trust by training team members until they demonstrate both competency and integrity.
- Delegate tasks gradually, ensuring they can execute your standards before full handoff.