In pursuit of success, it’s common for business owners to feel a strong sense of responsibility for the prosperity and well-being of their ventures. A role you hold with pride. Sometimes, even as you wear this role with pride, it can come with a personal burden, particularly when it impacts your quality time with your family and friends. When you’re overly occupied with the responsibilities of managing your family enterprise, it’s easy to overlook the subtle joys that your family brings. Finding the right balance between work and family is a necessity for long-term success and overall well-being. The following strategies to find this balance for you come from our clients at Beacon Family Office at Assante Financial Management Ltd. These strategies are a key part of connecting with your family during the high-demand times of your family business.
Success Requires a Break
Contrary to the common belief that business success is solely measured by relentless work hours filled with non-stop hustle, believing that every minute spent away from work is a minute lost in profit, research suggests that taking a break from time to time is a positive investment in oneself. This momentary pause offers a chance to recharge and return to your professional endeavours with renewed vigour, enhancing your overall productivity.
Stepping away from your demanding schedule and immersing yourself in something fun and meaningful with your loved ones, like engaging in shared activities, having deep conversations, or simply enjoying quiet moments of togetherness, can offer a sanctuary from the pressures of business ownership. Moreover, family connections can contribute to a more holistic and grounded perspective on life, reminding you of the family you work hard for.
Balancing Family Love and Business Responsibility
People want to take care of their families; this is the common denominator among all our clients. However, for those who also bear responsibility for a family business or enterprise, there can be conflicts between these dual priorities. There are several ways that you can uphold both of these priorities without having to sacrifice one for the other.
- Plan Ahead. When major decisions are made with the family’s best interests in mind, practical trade-offs can be required. Planning ahead to handle foreseeable busy seasons or work obligations can prevent you from constantly reacting in the moment. Being open with family about the demands of the enterprise and inviting their ideas for managing it can help too. This is also a great way to include the rising generation in conversations about the family business.
- Set Boundaries. Set boundaries and practice good stewardship. Dedicating unreasonable amounts of time and energy to work is unsustainable. It is necessary to budget time for nurturing family relationships and taking care of personal health—physically, mentally, and spiritually. Be clear with the family and the business itself about what these boundaries are and how they can help you uphold them.
Look for opportunities. Challenges in the enterprise are growth opportunities, not just tensions. Navigating complex business situations builds character and skills for wise leadership. Involving family in the journey can build empathy and strengthen relational bonds, as working through issues together often does. With open communication, creativity, and a commitment to mutual support, many of our client families have found harmony between caring for each other and stewarding their enterprises with excellence.
Unlock Work-Life Balance by Empowering Others to Lead
For business owners seeking work-life balance, delegating responsibilities and empowering others for leadership is an effective strategy. Assessing team members’ strengths, interests, and developmental areas allows you to distribute roles strategically. Provide training as needed, then clearly define responsibilities and expectations while setting regular check-ins. Grant autonomy rather than micromanaging, offering encouragement to motivate.
As you empower others, you free up mental bandwidth and time for family and personal priorities. Shared ownership of the venture’s success promotes long-term sustainability through leadership development. However, avoid fully disconnecting or over-delegating responsibilities where you are accountable for the outcome. With the right balance of empowerment, both business and family relationships can thrive simultaneously. The key is being intentional about realigning roles, motivating your team, and prioritizing time for what matters most.
The demands of stewarding a company can crowd out time for family and personal health. Yet focusing solely on business growth is equally detrimental if family relationships languish. Navigating these competing weights requires trusted partners to provide guidance tailored to such leaders’ needs across both fronts. This alleviates hours spent managing investments, trust structures, inheritance plans, and more, freeing up your time. A trusted partner, such as Beacon Family Office, can offer counsel that allows you to optimize finances, facilitate family governance, and nurture your relationships across your family and throughout your family enterprise.
Beacon Family Office at
Assante Financial Management Ltd.
Suite 519, 10333 Southport Road S.W.,
Calgary, AB T2W 3X6
