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Key Takeaways Your family tree grows naturally, but your business doesn’t. Don’t take growth for granted. Familiarity can make you complacent if you’re not careful.
Set concrete rules for work — then leave them at the office.
Know when to look beyond the family tree and bring in outside expertise.
Family can be the foundation of your business — but not the whole structure.
It’s safe to say that the family business is the backbone of America’s economy. Nearly 90% of U.S. businesses are either family-owned or family-controlled, and they represent over half the nation’s GDP. But running a business with your relatives can present unique challenges, and you’ll have to be able to compartmentalize your personal and professional relationships with them if you want to succeed.
I know this because I started my first roofing company with my brother Todd in 1988. Eventually, we evolved into what is now Roof Maxx, and it’s still a family-owned company to this day. My sister, Amy Koch, is part of the business as well. Along the way, however, we realized that expanding sometimes means looking beyond the branches of your family tree for outside talent or perspectives.
So here are my thoughts about going into business with your family, including the benefits, hurdles and limitations that come with this kind of business model. Use this to learn what you’ll need to consider if you plan to do the same.
Related: Love Doesn’t Have to be Tough — 3 Things to Do to Keep Harmony in Your Family-Owned Business
Your family tree grows naturally (but your business doesn’t)
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