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Is Doing Business With Your Family A Good Idea?
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Is Doing Business With Your Family A Good Idea?

Plenty of people warn against doing business with your family. Public speaker Michael Hess wrote an article for CBS...

Is Doing Business With Your Family A Good Idea?

Plenty of people warn against doing business with your family. Public speaker Michael Hess wrote an article for CBS where he came up with a host of reasons against it, concluding that “there are always strings attached.”

 

However, there are undoubtedly plenty of profitable family businesses across the globe, some of which enjoy success for generations. On this basis, it’s fair to say that working with your family isn’t always a disaster!

 

The most important thing is to establish some clear boundaries and ground rules. Here are a few ideas:

 

Exercise caution where money is involved

When it comes to business, money is probably the thing that’s most likely to lead to an argument, so financial agreements must be given serious thought.

 

It’s perhaps best to stick to partnerships where family members are equally exposed to the same level of financial risk. Having certain family members feeling beholden to just one family “investor” is a possible recipe for heartache.

 

 

Establish clear roles and responsibilities

There’s no reason why families can’t work together, but as with any business it makes good sense to ensure each person is clear on their individual role and responsibilities.

 

In addition, if anyone in the family plans to sign up as a “silent partner,” ensure everyone is clear as to what “silent” really means!

 

Consider individual personalities     

Some husband and wife teams can work in business, and some siblings can also work successfully together, but it all depends on the individual personalities involved.

 

Only you can truly judge what kind of family dynamics can survive working in close proximity. If your family life is fraught with friction, it’s highly unlikely that introducing a business into the mix is going to end well.

 

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