~by Vincent Spivey~
Establishing a family business and passing it to your children can be vastly rewarding. A family business is a commercial enterprise involving family members. But the thing is, family businesses show ownership and sometimes management challenges. A perfect way to minimize the risk of disputes is to plan with the whole family.
Try imagining this scenario: it’s Monday and you arrive at the office early to make up for your partner who hasn’t been so productive for the past few days. A normal employee would go ahead and complain to the boss, right? But what if the situation is like this: That partner of yours is your boss’s son. Of course, that makes the situation a whole lot more difficult for you, for sure.
So, here are some of the pros and cons of working in a family business.
- You’re working with people who you love, trust and care about. It can be a supportive environment for you.
- The work environment does not pressure you too much. For example, you can arrive late or leave the office early because of some important things to do. It wouldn’t be a “heavy issue” as it is with other companies.
- Since you’re family, you usually understand that if the situation gets tougher, you can sacrifice a little bit to achieve your goals.
- Family members are often promoted even if there are some non-family members who deserve the promotion. This can lead to conflict within the business.
- Some families bring their work to the home or family matters to the office. They should be able to separate personal issues from work because this may also bring issues.
- It may be hard for family members to make decisions when it comes to the business, as this may negatively impact other family members as well.
Working in a family business can sometimes be fulfilling and at the same time daunting. If you’re part of the family, any emotional conflicts should not be brought to the office. Aside from that, treat everyone (family member or not) equally. As much as possible, stay neutral in any family discussion. These things are the key for you to achieve success in the business your family put up.
Vincent Spivey is a business associate by profession and a blogger and writer by heart. He is an avid supporter of original content and intellectual property, and he often writes for The Livingston and Loeffler Law Firm, a group of intellectual property rights lawyers in Miami.