They Say Not To Mix Business With Pleasure, But Can You Ever Successfully Work With Family
According to lore, there are a few things we’re not supposed to do in business. Don’t work with children or animals is perhaps the most obvious of these, but there’s also a long-standing saying that we should never mix business with pleasure. But how does this work when it comes to working with family?
Whether you’re partnering with a cousin or hiring a niece, bringing family on board in business can be tricky. But, considering that family members are also most liable to share your vision and your unique brand of desire, they can make surprisingly great business associates. The question is, how do you mix family and fortune without losing both? Keep on reading to find out.
# 1 - Keep Things on an Even Footing
Power imbalances are perhaps the worst mistake you can make when working with family. After all, resentments are guaranteed to brew if you keep your bro working under you. Does this mean that you should promote your seventeen-year-old daughter directly to the top of the company? No, but it does mean that, within reason, you’ll want to avoid rocking the power boat.
Forming a partnership is undeniably the best way to achieve this goal. This way, both parties invest an equal amount of money and time into a joint business pursuit. Then, there won’t be any need for either of you to tell each other what to do or flaunt your superiority in a way that’s sure to lead to arguments.
# 2 - Make Sure Everyone Understands Their Role
Misunderstandings can also make a mess of inter-family business efforts, so ensuring clearly drawn roles and expectations from the off is key. For instance, if you’re in a partnership, it could pay to have dedicated workday responsibilities. Or, let’s say you’re bringing a family member onboard – be clear about your professional expectations. Even if you’re entering a family business agreement such as that of patient and carer, being clear about expectations upfront can ensure a harmonious working relationship without the risk of overstepping.
Beginning your working relationships with this level of upfront communication can also be beneficial in itself. As well as understanding your roles better, you’re then more likely to be upfront with each other moving forward.
# 3 - Sort Finances Upfront
Money is the root of most arguments, especially when it comes to family, so it’s also essential that you sort finances. If you’re entering a partnership, it’s vital to understand the financial percentage amount you’ll each get, and that both parties are happy. Equally, if you intend to be a paid carer for a family member, it’s important to understand how much payment you’ll receive, and when and how that works.
These may seem like obvious steps, but you’d be surprised by how many people skip them to their detriment. Don’t rock the boat – make monetary concerns a family business priority!
Working with family can be undeniably fraught, but there’s no reason why you can’t develop a thriving business with this working setup thanks to these top tips.
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