How To Avoid The Traps That Can Destroy A Family Business

How To Avoid The Traps That Can Destroy A Family Business

Running a small business can be tough...?And working with family members can either make that journey easier or impossible.??

The main challenge faced by families in business is around?expectations.

When the older generation brings in a younger generation it appears to be a perfect opportunity for both parties. The older generation did the hard yards, they made sacrifices and created something out of nothing. And now, they want to help the younger generation by offering them an easier way into the business.

In their minds, they are providing a massive opportunity and as a result, they expect the younger generation to be eternally grateful while also expecting them to work far harder than any normal employee.

They figure that someday the company will eventually pass over to the younger generation and therefore their children are expected to work longer and harder, sometimes for less money than the role deserves, in order to reflect the sacrifice they themselves made in their younger days.

But how much is that ‘gift’ really worth?

Does the business have any real value or is it just a vehicle for employment??

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