Many small business owners are not formally educated in how to run their businesses. Many learned by starting and then flying by the seat of their pants. Other successful small business owners will also commiserate of having earned their PhD at “The School of Hard Knocks.”
To Jack Mencini and Adam Sonnhalter, hosts and business coaches who are small business owners themselves with Maximum Value Partners www.maximumvp.com and the hosts of Dirty Secrets of Small Business, The School of Hard Knocks out ranks any ivy league school in their book. Turning to a resource like a small business coach, also helps with the challenging situations of running a productive, profitable and sustainable business.
Jack and Adam know a thing or two about small business having run about two-dozen small businesses themselves. Over the last 15 years, they have coached hundreds of owners using their formula: The 7 Keys to Success http://maximumvp.com/7-keys-to-success/
Each week on Wednesdays at 7:30 pm (EST) on WINT Radio 1330 and the new 101.5 FM, the coaches invite listeners to be a part of the show and feel free to call in (440-946-9468). Listeners can ask questions about their businesses or even debate the examples Jack and Adam share on the trials and tribulations of their clients and the dirty secrets of small business.
On this week’s episode of Dirty Secrets of Small Business, the business coaches give an overview of How Do I Fire My Relative? The podcast is available on iTunes or http://maximumvp.com/dirty-secrets-small-business-radio-show-podcast/
Jack and Adam share insights and stories on three relationship areas where small business owners often struggle with relieving relatives of their duties in the business:
- A spouse
- A parent or childor
- A sibling.
Firing a relative is vastly more complicated than firing an employee who is not related to you. This family member will still be in your family and not out of your life unlike a non-related employee. Jack and Adam recommend trying to find another role for this individual in the business that is now more suited to their abilities and work ethic. If all of those options have been exhausted, another solution could be for the relative you want out of the business is to help them find a more rewarding position with another company or even find a company for them to buy and become their own boss. If both of you can get comfortable with what that relative will be doing next it helps to ease the exit a bit.
As business coaches, Jack says that they bring a perspective to the situation of firing the individual or getting them to exit that is less emotional and more pragmatic in determining what is the best course of action for the business and for the health of the family relationships going forward. They help take much of the emotion out of the equation by focusing on what is best for the organization vs. any one particular individual.
If anyone in the listening audience would like to get more insight into how to develop a plan to part ways with that relative who is now doing more harm than good for your business, give Jack and Adam a call (877-849-0670) and they will talk you through it because they know how to do it.
For more info on small business challenges tune into past podcasts of Dirty Secrets of Small Business on iTunes or http://maximumvp.com/dirty-secrets-small-business-radio-show-podcast/
Do you have any How Questions of your own to email to Jack and Adam or any war stories on listening to a suit rather than working with an effective small business coach? Do it by sending your questions to firstname.lastname@example.org or submit a question on their web site at http://maximumvp.com/how/
If you have a success story or a question you would like to share, email or contact Jack and Adam directly at email@example.com or 877-849-0670.
Remember…You can also call in during the show each week when you are listening on Wednesdays at prime time 7:30pm (EST) on WINT 1330 AM and 101.5 FM. Dial 440-946-9468 to ask your question to the Maximum Value Partners’ coaches or tweet your question to @MaximumVP.