Do You Really Want Them in the Business?

You have raised them from birth. You love them dearly. But do you really want them working for you? This is a decision that is fraught with numerous financial and emotional implications, especially when multiple children are involved.

The following questions can help guide you through the decision-making process:

• Are you inviting them to join for your satisfaction or theirs?
• Is the business better off with them or without them?
• How strong are sibling relationships and can they withstand the pressure?
• Can you choose between children for promotions, increased responsibility and different compensation?
• Will these decisions harm your relationship with them or between them?
• Are you capable of terminating a family member if it doesn’t work out?

Adapted from “Keeping Family ‘Out’ of the Family Business” at fambiz.com. Read the full article.