Making Business Work For Your Family

Family business

Family business. Starting a family business appeals to many families for many reasons. Family members of a family owned business often spend more time together, since they also work together much of the time. A family company also allows business owners to structure their services and hours to work best with their family's lifestyle. Business decisions are made with trusted family members and the entire family has a stake in the success of a family business.

Of course, these aspects of family business can be pros or cons, depending on your point of view (and of course on your family and your relationship with your family). There are many business questions to be asked when anyone starts or considers starting their own business, but bringing your family into a potential investment adds a whole new side to the information gathering needed to promote family business survival and family success.

If you're considering starting a family business and plan to involve some or most of your family in the business, you'll want to think through the business plan very carefully before you take irreversible steps toward starting your own business. The first, of course, is what kind of business do you plan to start or what services will you offer? If your motivation for starting a family business is to provide some flexibility with your family's schedule, take into consideration the demands on the type of business or services you intend to offer. For example, if you would like most or all of your family members to be able to take extended vacations in the summer months, don't choose a business model in the landscaping sector where the busiest time is during the summer months. You'll have better success blending business and family life with something like a snow removal service or grade school tutoring services where the family business tapers or breaks during the summer months.

Once you've chosen a business for your family business, you'll need to decide (most likely as a family) on the family involved. Is this a business you and your spouse can run on your own? Will you hire employees from outside of your family? Or will you depend on siblings, children, or parents to aid the success of your new business? If your business model depends on other family members, you'll need their buy-in to the business type and the business structure in order to have success. Involve these family members closely in the planning stages and communicate often to ensure you and your family are on the same page. Even if you don't intend to have your family involved in the day-to-day business operations, you'll need their support at home to have success in your business. Err on the side of over-communicating so there are no surprises at home or at work when your family business launches.

Finally, consider the roles of each of the family members in your family business. If you don't trust your brother, don't agree to take him on as your family business accountant, no matter how persuasive he can be. Ultimately, having family members in the wrong business positions will cause a strain on both your family relationship and your family business.

Ultimately, a family business is an opportunity to build both your family and your business. Take measures to ensure this is the case with your family business and that it doesn't become detrimental to your family or your family business.

by: Gino Prast

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