Some people find running a family business an attractive and desirable venture. Before you do so, however, one should always consider the drawbacks and the advantages to keeping the business within the family.
Loyalty vs. Unsuitability
You will have no shortage of familial loyalty, writes Small Business. You can expect your relatives to be your constant no matter how many employees you go through a year.
Moreover, according to Small Business, family members tend to be more dedicated to accomplishing goals and are more willing to sacrifice certain things for the sake of the business. For instance, compared to hired workers, a hired family member is more likely to skip a previous appointment in order to help out when you are running short on staff.
However, relatives can also be loyal to a fault. The owner may find himself or herself hiring relatives out of a familial obligation and not out of merit.
This can result in a sibling or cousin holding a position that he or she is unsuited for and has no experience in. In the long term, he or she may step up to the position and be good at it, or will be the complete opposite to the detriment of the business and brand.
Flexibility vs. Conflict
Working with family members also means being lenient, understanding, and forgiving when it comes to work hours, decisions, and mistakes, writes Small Business. For instance, your boss who may also be your brother, will not scold you severely for being tardy (as long as you have a reasonable excuse).
Furthermore, they will be more understanding when you make mistakes. Dropping a fried chicken on the floor or printing the wrong paperwork won't get you a stern talking-to in most cases.
Small Business also writes that the downside is relatives will be too comfortable working together, and it can lead to conflict. Some may bring personal grievances to work or may enter into arguments that have no place in the office. A stressed-out superior is more likely to lash out on family members compared to subordinates who are not related to him or her.
So, should you run a family business? If a balance is struck, ground rules established, and agreements made, a family business may be a great venture.
For example, keep family arguments outside the office and far from the eyes and ears of witnesses. For more advice, follow Jobs & Hire.
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