We have all heard the common adage, “Don’t mix family and business.” Is this always the case? It is possible to mix family and business but this is a possibility unstable situation. Throughout life we have all done deals with family some have worked and others have gone up in a ball of flames. When working with family there are benefits and disadvantages all around. While I am not saying working with family will not work, I am saying that you should set strict guidelines to follow before beginning this new venture.
An article from Entrepreneur has five reasons why family and business do mix. From this article they highlight the importance of trust in a business and working with family members will have increased levels of trust. For me the best quote is from number three about keeping pace they say, “The advantage of working with a family member is that you know his or her work rate and have a lifetime’s worth of knowledge to ensure you are partnering with someone whose work ethic mirrors your own.” Knowing family members work ethic prior to getting into business with them is extremely beneficial.
Another article to check out is by Forbes where they offer tips for setting guidelines for working with family in business. The key is strict clear communication and to be understood that the business and personal relationships are separate. The best quote from the article comes from point number five about establishing boundaries, “As entrepreneurs, we know this as an undeniable truth: our businesses can invade every square inch of our lives. But in reality, successful entrepreneurship means we must put up a wall. Call it the wall of ‘we don’t allow business in here.’ And this is especially true for family run businesses.”
What do you think about mixing family and business? Would you or have you in the past? Let me know what you think in the comments below and share to others. Thanks for reading, now lets discuss.