Don't Play Family Feud With Your Business
Having clearly defined roles is extremely important, says Pinto. "Make sure there's someone who can make the final decision if it needs to be made."
Family members should express what they want and know what's expected from them, but make sure everything is established at the beginning.
Think along the lines of a refrigerator chore list. Duties should be defined but not set in stone because circumstances change quickly, Pinto points out. Some projects will inevitably require certain family members to develop additional skill sets.
Despite the headaches, working with family can actually make your business life easier.For instance, there's less management turnover because family members understand each other in a way that strangers don't, says Pinto. "When you're hiring cousins or nephews, you have more insight. You know an individual's pimples," he says. Only venture into business with your family if you already have a great relationship and a deep reservoir of patience, Romeo adds. At all costs, don't let the family business destroy your family. For better or worse, you can't get rid of them.
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