{"id":324,"date":"2013-05-01T15:26:00","date_gmt":"2013-05-01T15:26:00","guid":{"rendered":"http:\/\/scqa.hult.edu\/en\/news\/blogs\/2013\/may\/keeping-it-in-the-family-at-hult\/"},"modified":"2019-07-25T10:15:01","modified_gmt":"2019-07-25T10:15:01","slug":"keeping-it-in-the-family-at-hult","status":"publish","type":"post","link":"https:\/\/www.hult.edu\/blog\/keeping-it-in-the-family-at-hult\/","title":{"rendered":"Keeping it in the family at Hult"},"content":{"rendered":"

Being in a family business comes with its own unique challenges. Hult alumni Kimmie Lim and Ramon Llorens (MBA 2007) address some of these issues with advice on how to overcome them.\u00a0<\/em><\/p>\n

\u201cWhen family relationships get in the way of business, you must deal with each family member professionally; ensuring that you use tact and respect as there is a fine line between being family members and co-workers,\u201d says Kimmie. \u201cHowever, there can be no pre-defined rule when communicating with family members as they may span across several generations. The key is getting to know how each individual works, and adapt to that.\u201d<\/p>\n

Ramon also agrees that \u201ckey issues common to all family businesses are managing family relationships,\u201d as well as \u201cincreasing the size of the company so that associates have enough space to grow professionally within the company. Therefore, managing succession at all levels, maintaining the company culture, and keeping everybody highly motivated are also key issues that affect this type of business.\u201d He argues that \u201cstopping for a year, and giving yourself some distance from the family business is something I would strongly recommend to anyone. You learn that although the company may well need you, it can also do well without you, and this takes the pressure off. Managing a business is not about doing it all yourself, but helping, training, and managing others, and you can see this more from a distance.\u201d<\/p>\n

\u201cBe open when working in the family business,\u201d suggests Kimmie. \u201cTake things as they come and be ready to adapt to changing situations. Understanding the work habits of individual family members will help you deal with the various challenges you will encounter. Try to be as professional and as tactful as possible, to make sure that you address both the family relationship as well as their position in the business to the company\u2019s advantage.\u201d Ramon advises taking into account all the \u201cdifferent opinions and perspectives, everybody\u2019s opinion will ultimately add value to the decision-making. Managing a business is like cooking; you need to add the right ingredients, but at the right time.\u201d<\/p>\n

Their final word of advice? \u201cEnjoy what you do and work hard, but never place business before your personal life. Be a good person, in the end the good guys always win.\u201d<\/p>\n

Continue reading the interview in full, here<\/a>.<\/em><\/p>\n

Find out more about Kimmie Lim and Ramon Llorens\u2019 family businesses:<\/p>\n

(Kimmie Lim)\u00a0Lim Yee Wan Co., Inc.<\/p>\n

(Ramon Llorens)\u00a0Epsagroup<\/p>\n

Hult offers a range of highly skills-focused and employability-driven business school programs<\/a> including a range of MBA options and a comprehensive one year Masters in International Business<\/a>. To find out more, take a look at our blog Family businesses navigating a whole new world<\/a>. Download a brochure or get in touch today to find out how Hult can help you to learn about the business world, the future, and yourself.<\/p>\n","protected":false},"excerpt":{"rendered":"

Being in a family business comes with its own unique challenges. Hult alumni Kimmie Lim and Ramon Llorens (MBA 2007) address some of these issues with advice on how to…<\/p>\n","protected":false},"author":4,"featured_media":2187,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[24],"tags":[],"yoast_head":"\nKeeping it in the family at Hult | Hult International Business School<\/title>\n<meta name=\"description\" content=\"Being in a family business comes with its own unique challenges. 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