It's "All in the Family"

Tom and I embarked upon a second career in the
mid-1970 after he retired from the California Highway Patrol and I became an "empty nester" with all four sons on the career path of their own choosing. The idea of a "family business" did not crystallize until about 8 years ago. As Entrepreneurs at heart, Survivors by nature and Opportunist by design, we founded the first Franchise Real Estate Company in our County, then a Mortgage Brokerage Firm with several branches in the San Joaquin Valley; a Property Management Company; and a Land Development Corporation. We thrived on challenges, managed to always land on our feet, made money, enjoyed our work and on the move to "seize the day" with passion.

After having our shoulder to the wheel, eye on the ball and nose to the grindstone for nearly 20 years, in 1998 we finally looked up, sat down, and looked around to find that we had "seized too many days". We were working almost 24/7 with no time for each other and pretty much burned out. It was time to make some changes if we were going to continue to be productive and most importantly add a few more years to the 45 years we had at that time spent together.

So, after selling the Coldwell Banker business, Property Management, Development and closing the Sub-Prime Brokerage Business; we decided to keep the Note Servicing Center and the new business still in embryo; Equity Holding Corporation and its counter-part, Equity Management Services

The "Family Business" actually evolved when our sons' generation began to retire and grandchildren began to graduate from college and enter the work force. We were delighted when one and then another expressed genuine interest in "what we did for a living" that made possible family cruises, vacations, new vehicles, nice homes etc. So, here is the "rest of the story".

Thomas K. Standen, IV joined the firm after sending three years as a fire fighter and two years in construction. He is Operations Officer for Equity Holding Corporation overseeing the staff processing Investor funds for the Equity Management Services, a subsidiary of Equity Holding Corporation. He also processes scholarship applications for the company. He holds a BA degree in business and has been accepted into the Masters program at UC Fresno.

Jill Standen, Thomas' wife is a licensed Real Estate Broker, a graduate of Fresno Pacific University with a BA in education, holds a teaching credential and is working toward a Master's degree with the University. Soon to go on Maternity leave, she plans to dive into the Private Note Business.

Pamela Standen, Vice President and Director of Marketing for both Equity Holding Corporation and the Note Servicing Center Inc. has a degree in education and retired after 25 years as Owner/Director of a pre-school and day care center. Married to our oldest son, Tom, She is the voice personality and reflection of both firms. She has the challenging task of dancing to the tune of both Tom and I.

Laura Standen, our son Paul's wife (not pictured here) also holds an Associate Arts Degree in Education and is charge of our in house bookkeeping and balancing Trust Accounts for the Note Servicing Center Inc. and Equity Holding Corporation. Son, Michael Standen, is a Realtor with Coldwell Banker and Granddaughter Christine, a CA Real Estate Licensee are not yet incubated into the family business, but I have a feeling it's only a matter of time. With 16 grandchildren and 5 great grandchildren, we have plenty of room for expansion!

We like it when the family members working in the business have had an opportunity to work outside the family business before joining the firm. This way they get a dose of what "working hard" really means and that working in the company is not a "cake walk in the park".

If a family is going to succeed and be happy and content in the business it should be founded on a strong family value system. It is important to recognize that each person is different and each has things that they are especially good at. We endeavor to build upon their strengths. If there are no clearly defined organizational roles then each family member tends to blend the family organization with the business. It's not always easy to separate work from play.

Communication seems to be a never ending and never completely resolved issue. We have family meetings once a year to mitigate these challenges, but are determined to make these happen more often. We feel it is vital since we rarely have time set aside during our work day to communicate clearly, honestly and without fear of consequences in the hub-bub of daily work load. It would be a great time to shine up our mission statement, define the business and articulate goals. In other words, a chance to look at each other and say: What are we doing here anyway and where do we plan on going.

When you have a family business that also has non-family employees such as ours; it is vital to also address the needs and concerns of non-family members. We recommend having consistency in the policies and procedure in the office. This sends a message that just because you are a family member you cannot get away just anything. It is important to be fair and just in your dealings across the board while holding all family members to the same standard.

As yet, we have not even addressed a "Succession Plan". No one wants to talk about that, but let's face it; every company needs to make a path for the next generation. We hope to address this at one of the "family meetings" in the near future with the goal of open communication as mentioned above. Having a succession plan will eliminate assumptions about who will take over the business. This subject should be addressed head on, well before the need arises. Soon we will follow our own advice.

A family business is built on the inherent strengths of family which are loyalty and honesty. Family brings in a level of passion to the business that simply cannot be found anywhere else. I will close with comments recently made by Thomas IV about working in the family business.

"The personal rewards of working with family far outweigh any challenge. I work directly under and in concert with my Grandfather, the President of the firm. He takes the time and effort to share the intricacies of the business, expects a high standard of care and has a demand for excellence even in the most menial task. He emphasizes that having knowledge is one thing, but transmitting the knowledge into understanding and that understanding into action, determines whether you succeed or fail. I would not trade working with my family for anything else".

COPYRIGHT 2002, 2006 by Roberta M. Standen - ALL RIGHTS RESERVED
This article cannot be reprinted without the express permission of the Author - 11-06