If you do a search online for the benefits and disadvantages of working with family in business, you will see story after story of how this is a bad move. So many believe that working with family members is going to break up the family or cause irreparable damage to the relationships within it. For Enrico Frank Andreoli Montreal businessmen and brothers, this is not the case at all. In fact the two brothers have absolutely thrived since they very first set up their construction company a decade ago, and they ate proof that you don’t have to buy into all the negativity.
In reality, working with your own family is the best way for you to run a business, and here is exactly why that is.
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Ensuring it Is Done Right
The only difference which families have to bear in mind, which standard business partners do not, is that there are some ground rules which have to be laid out first. As long as you establish rules around the money and the responsibilities and everyone sticks to them, there really doesn’t have to be any issues at all.
People assume that families will disagree on everything in business and that they will spend their time discussing who is right and who is wrong, bring their family history to the argument. This however could not be more untrue and the reality is that family members are far more likely to agree with something that they are not necessarily in agreement with, if their fellow family member is keen to do it. The Andreoli’s told me that this happens all of the time and the respect that they have for each other means that they will always try their best to support each other’s ideas.
Less Likely to Do Wrong
When it comes to things like fraud, theft and embezzlement, there is far less likelihood of this happening when you are in business with your family than with a friend or a business partner. This is interesting actually and it shows the difference between friends and family. The reason I say this is that the most common person who commits fraud such as embezzlement, is the person who is closest to the business owner, often their best friend. When it comes to family however, there is slim chance of this happening and in reality, if a family member was that way inclined, it is likely that the other members of the family wouldn’t even go into business with them.
Family members are able to offer support that friends and neutral business patterns cannot, they will be there during both the good times and the bad times. This is something which cannot be bought and sold, it is a bond which will help all members in their business ventures.
The notion that family businesses don’t work is wrong, there can be problems, but in the main, this is a great way to run a business.