The Role of Leadership in Family Businesses
Forming relationships is one of the most important facets of owning a business. Community is the backbone of all businesses, especially small ones. Without the support of those around you it's very difficult to achieve impact, and all successful businesses start with a goal.
For the first time on our Leadership Live we had two guests representing one business! Alicia Pataky and Lucia Civille are founders of LACE Photo Media, a full-service marketing agency. The topic of relationships is perfect for this conversation because these two lovely ladies are sisters!
The age old saying of “never work with family” does not apply to these sister CEOs. LACE Photo Media launched 4 years ago, and they haven’t looked back. After working tireless hours for someone else they realized their work was underappreciated and needed a change. Alicia recalled a turning point in her career when her boss was rattling off details about a business meeting but then stopped to remark how he can remember all of this but not his own kid’s birthdays. This pivotal moment sent a clear signal to Alicia about how the toxicity of an overworked corporate culture starts at the top. Alicia finally realized this was the reality of the person she once idolized, and decided to leave.
When the sisters joined forces to start LACE Photo Media it seemed their sibling status only served to strengthen them. They immediately found success through networking as members of their local Chamber of Commerce and similar organizations. When asked for their ‘golden nugget’ advice during their appearance on Leadership LIVE, Alicia offered that her secret to success is, “Valuing relationships and treating people how you want to be treated. So, valuing each client and treating them how we’d treat a family member.”
“Uniquely we are more understanding to eachothers situations because we’re family. We just know eachother so well, inside and out that its very valuable.”
The two continually reflect back to the importance of relationships in their business. Which is no surprise considering their close relationship as siblings and partners. When they say treating clients as family members, it's about developing a mutual connection with trust, honesty, and loyalty. This type of relationship results in more repeat customers, and according to the book Leading by the Edge of Chaos by Emmett Murphy, a 2% increase in customer retention has the same effect on a company’s profits as cutting costs by 10%. That is huge!
As a leader it's important to encourage building lasting business relationships. Sometimes it can be difficult to navigate the boundaries between professional and too personal. In a Forbes article, the author gives ideas about how to create more meaningful professional relationships through trust. Some notable ideas include: engage in active listening, offer access to the human inside the leader, show appreciation through consistency, and extending curiosity beyond work identity.
In Alicia’s closing thought she explains, “We have an intuitiveness about our workflow, and we each have different strengths. So, that's such a support too because where I lack, she shines, and vice versa.” That advice of sourcing strengths is the perfect way to describe why they work so well together, and something I wanted to be sure to include in this conversation.
Not everyone can be so lucky to find a family member they mesh with well enough to become business partners. We can, however, work to find clients and employees that align with our goals and values. Never settle! All of Alicia and Lucia’s insights were so helpful, and I loved their outlook on forming professional relationships. For many businesses, it's everything to create long-lasting connections that will be there to celebrate when you grow, and help you if you’re down. I’m sure many of us recognized the latter during 2020.
Continue forming those relationships, and if you’ve been thinking about starting one with me then reach out here!:
Watch the full Leadership Live below: