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Key Takeaways Joining a family business is rarely as simple as accepting a job. You’re managing two relationships at once — professional and personal — and the line between them isn’t always clear.
These 10 rules will help you earn your colleagues’ respect, protect your reputation, and keep the family relationship intact, no matter what happens at work.
Many entrepreneurs start their businesses with limited funds and time. It’s not always easy to find good employees when a business first launches, so owners may turn to hiring family members. A recent report reveals that over 40% of small businesses hire family members.
When you’re looking to hire, it’s easy to make the wrong choice. There are many reasons to hire a family member to work in your business. These individuals are a known quantity. And they may have familiarity with the business that outsiders could take months or years to learn.
Some entrepreneurs hire their kids to work in the business. That practice is especially prevalent now because of the difficult job market for new college graduates.
I’ve had plenty of experience hiring family members. Sometimes, these employment stints work out. Sometimes, they don’t.
But it’s the failed instances that have taught me the most about keeping my business and my extended family intact. One example is when I hired a family member who showed great promise. Unfortunately, they left us at a critical time, giving very little notice and only vague reasons for their departure. Bridges were burned — not in their desire to take another job, but in how they did it.
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