Business Opportunities Weblog

August 12, 2008 by Rich Whittle | 1 Comment

The Wall Street Journal:

Young adults lucky enough to have a family business waiting for them may feel tempted — or pressured — to join it right out of college. But that’s often not the best move, family-business experts say.

John Davis, faculty chair of Harvard Business School’s family-business program, suggests individuals delay the decision to enter a family business until their late 20s or even their 30s if possible. Young adults don’t always have their long-term goals figured out, and it can be hard to get out of a family business once you join.

By your late 20s or 30s, he says, “you tend to know more about yourself, about what you like, what you don’t like.”

Many young adults feel pressured by their parents or by external factors, such as the shaky economy. But remember “you are making a long-term decision,” Mr. Davis adds.

You’ll bring more to the business by first getting outside work experience. Meanwhile, if you don’t think you’re interested in the famly business, keep in mind that your views could change in the coming years.

Justman Myers, 25, thought he would never join his family’s flooring business and instead pursued a career in broadcast journalism.

But the Dalton, Ga., native became disenchanted with journalism after working two TV news jobs and took what he thought would be a short-term job with his uncle’s flooring store in Nashville, Tenn.

He found he enjoyed the job — and also appreciated the chance to make more money than in journalism — and now has no plans to leave.

Photo by coachbuiltprams.

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Tags: Family, Strategy, Work