When done well, a lasting family business can be a great experience. Not just for both the family members involved, but also the clients doing business with the company. Parents, children, siblings and several generations of family together can create a powerfully successful business model.
One of the main concerns with running a family business that includes your entire family is making sure that everyone is actually on board. Everyone must share the same passion for the family business in order for this idea to work. So don’t pressure anyone to join the team if their heart truly is not in it.
Have you ever heard the saying “those who play together stay together”? That’s pretty much the same idea that were talking about when running a family business with your other family members, those family members who work a business together of course share the passion for that company. Therefore these families generally do well together in other area’s of life outside of work such as home time, family get togethers and so on.