Family Business


Family Owned Business

Family owned businesses can be very tricky.  They have an element that does not exist within non-family owned businesses and that is RELATIVES and family togetherness.  When in business with relatives, it may be difficult to keep the emotions out of the business but no one said it was easy to go into business, especially with relatives.  Int he beginning it may sound like paradise.  As the business progress, then issues may pop up:

  • Who does what?
  • Who gets paid what and why?
  • How will it work during family events and activities?
  • Who gets the bigger house/ auto and why?

This lesson addresses many of these issues

Good Luck in your Venture!

A family own business has its own set of issues and challenges.  Family would me spouses only, children, siblings, cousins, nephews, nieces, uncles, aunts, grandparents or all of the above and any other combination you can think of.  Think about the holiday parties, the dinner table conversations.   Will they be business buz or pleasure?  A family owned business is unique since it is a business but their are social and emotional issues.

  • Who will have their feeling hurt?
  • Will business decisions affect family relationships?
  • Who will run the business?
  • Will there be inequity among members pay?
  • Many other challenges that are not part of a non-family owned business

This lesson will address:

  • Many of the problems and solutions of a family owned business
  • Managing, responsibility and growth-who and how to decide
  • Are decisions based on relationships or skills and merit
  • Is the FAMILY in business or the BUSINESS in the FAMILY
  • Discussion of some of the tax and legal issues of hiring family members

Be proactive! Anticipate!

Be Prepared!

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