subject: Family Business [print this page] An important thing to remember, if you are in a family business, is to keep your family relationships strong. If the family business were to go under, you want to still have good relationships with your family members. If things get heated between family members, you must remember that you can always start another business, but your family is irreplaceable. If you want to have a successful family business, you need to communicate and consider other people's need other than your own.
It is probably very hard to set business aside when having a family party, but it is important that you do. It is probably very hard to have family time without discussing a business matter, especially if spouses work together. It is very important to bond as family members without bringing up the family business. You will never feel relaxed and rested if you are always talking and thinking about the business.
In a family business, it is important that all family members agree on rules and regulations for the company. It is also wise to set up a schedule for each person that everyone agrees on. This way everyone knows when they are supposed to work and what they need to do. There should be someone who is in charge of making sure everyone is doing their part and putting enough time into the family business.
Just because your family loves each other does not mean a family business is easy to run. There may be times when the family needs to make tough decisions for the company's sake and everyone may not agree with it. People should really take their family business seriously and not treat it like it is just a hobby to them. If the family business is not properly managed it will most likely not survive the first year.
Family members need to be all in and put full time hours into the family business in order for it to succeed. They should all treat it like it is a full time job and work as if you were working for someone else and not yourself. If everyone does this, then the business is much more likely to succeed. If you are working from home on your family business, it may be hard to put in the hours and get focused. This is why a family business needs someone to be in charge and make sure everyone is putting in the time required.
It is very important to discuss who will be in charge of the family business once retirement comes. If there are children involved, it needs to be clear who will have the rights over the family company. There will be no fights between family members if there is a specific plan figured out.
In every family business, there needs to be a person who is the president of the company to handle all of the business issues.
It is important that every family member agrees on decisions made for the family business so that it runs smoothly and everyone is happy.
