CareerPersonal Growth

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.

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