Tuesday, October 2, 2018

The Management Tip of the Day

October 2, 2018

Ask Yourself 3 Questions Before Joining the Family Business

Many people join their family's business without enough forethought or due diligence. The company may be a logical place to build your career, but how do you know whether it'll be a good fit? Asking three questions can help: First, what is motivating you to join? It's likely that there are many factors — maybe your father expects you to, or you think it's your best shot at securing a senior position. Ideally, your motivation comes from your passion for the business, not just external pressures. Second, are the personal relationships among the family leaders healthy enough? Family members don't always need to get along, but they do need to make good decisions together. Will your parents, siblings, and cousins support you during the inevitable crises that will arise? Third, are you OK with being in the spotlight? Employees tend to watch family members closely. How you behave will reflect, for better or worse, on the full family.

Adapted from "Should You Join the Family Business?," by Judy Lin Walsh and Rob Lachenauer


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