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3 Keys to Running a Successful Family Business

3 Keys to Running a Successful Family Business


Is working with family, relatives, best friends even your husband or wife a dream or nightmare? Working with members of your family in most ways is not much different from working with any other business partners if you apply these tips.

1. Having the same purpose

Being husband, wife, brother, sister or best friends is not enough to make business partnership work. It takes an approach that encompasses same purpose. Lay out what each of your expectations in business before starting. Voice what you expect from your partners.

2. Share the duties

Find out how to divvy up the duties. Everybody in family business should work together. You and your partners should run equally and promise one another that both will share equal work, make equal sacrifices and no one carry more than fair share of the weight.

3. Draw lines

Do not ever talk about work when spend your day as a family. If you want to talk about business is at the office, not home. It is important to set aside family time too.