by Tim Jahn on November 1, 2010
You’ve probably heard of a family business. Maybe your favorite restaurant is a family business, or maybe the company that put a new roof on your house last summer.
Often, the kids take over the business from their parents when the time comes. And sometimes all the kids, aunts, uncles, and cousins are somehow involved with the business.
In some ways, this sounds great. You trust the people that are working for you and you know what their best and worst skills are. If they’re sick, you can have another family member cover for them.
In other ways, this isn’t so great. Mixing family with the business can result in grudges and severed relationships caused by business gone bad. The problems of the business can leak into family gatherings and maybe even holidays.
I’m not sure which side of the fence I’m on. I can see the pros and cons of both sides. What about you?
Have you ever been part of a family business? Do you own a family business? What are your thoughts on mixing family with the business?