ITMPI FLAT 001
Main Menu
Home / Career / How to Run a Family Business without Killing Each Other

How to Run a Family Business without Killing Each Other

Family businesses account for about two-thirds of all businesses in the world, but that does not mean just anyone can do it. In an article for Entrepreneur, Sam Prochazka shares his tips garnered from running four family businesses. His first tip is to select one person to be the leader, so that someone has final say and to prevent hostile circular arguments. The second tip is to get all agreements in writing, so that there is no ambiguity within the family about particularly who is entitled to what regarding money. Another thing to remember is that relatives, generally speaking, cannot be fired without causing some awesome rifts in your family outside of the business. Only go into business with relatives you are sure have the maturity to know when to call it quits themselves. When criticism has to be shared, make it constructive and to the point, lest things devolve into just another family fight. Lastly, remember that family tends to share a similar perspective, which is only useful to a certain point, so involve outside perspectives to ensure your business is really on track.

You can read the full article here: http://www.entrepreneur.com/article/233148

About John Friscia

John Friscia is the Editor of Computer Aid's Accelerating IT Success. He began working for Computer Aid, Inc. in 2013 and continues to provide graphic design support for AITS. He graduated summa cum laude from Shippensburg University with a B.A. in English.

Check Also

The Rise of Botnets in the Age of IoT

One of the greatest dangers to future (and current) cyber security is botnets. This short …

Leave a Reply

Your email address will not be published. Required fields are marked *

Sorry, but this content
is for our subscribers only!

But subscribing to ACCELERATING IT SUCCESS is FREE and only one click away!
Join more than 40,000 IT Professionals and get the best IT management articles to your mailbox with Accelerating IT Success!

Unsubscribe at any time