eagleandbaby

I am interested in what anyone has to say about the pros and cons of a family business. I was involved with one for many years and my take is that it seldom if ever works without allot of problems.

I would like to know what anyone else thinks.

I worked at a business with 4 brothers, 1 sister, 2 cousins, 1 grandma, 1 uncle and 1 father. Also there was 1 in-law, my cousins husband, until it was unbearable.

It was so dysfunctional the things that went on there could have made a great sitcom and a few episodes of cops.


Issues were wives whispering about different brother’s making more and not has valuable etc.


I have a friend who also works for a family business and he says there are problems but he endures them. I sense he is not telling me the true extent of the problems. He says everyone makes the same no matter how much they contribute.

I do not think God made families to be in business together.


Thanks.

mattd

one good thing about being in business with family members is that I've never got screwed on money. One not so good thing...disfunctionality...easy to loose your cool and get into arguments. But at the end of the day I know I can trust them. At least thats been my experience.

eagleandbaby

My older brother stole 10's of thousands of dollars twice before he was finaly thrown out.

Flacan

My brother and I were partners for 9 years.

Unless all the family partners have similar goals, habits, etc, it becomes difficult after a while.

I think in the long run, you need to have only one boss. And that boss needs to have the authority to fire (or put them in line some other way) other family members.

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Raimo

silvertree

I came from a family business my grandfather started. Stone masonry. Church work, fireplaces, retaining walls. When my grandfather retired, my uncle, his son made everyones else's life hell. I went on to become a carpenter, no regrets. It went from a dozen masons to one, my uncle.

aWorkaHolic

Couldn't stand working for my Father, he was a great contractor but was impossible to work for. I have to say even with the turmoil I went through I learned allot from him.

mbenike

I am just starting out in our family business. We are a general contractor started by my great grandpa 70 years ago. We haven't moved or changed names and it has apparently been working out. Currently my dad and uncle own the company but we have many other family members as employees. I also have an aunt, cousin and older brother that all work here too. I have to say that the family has really kept the business strong and it is my belief that family is the reason we have succeeded. Nobody working here has married into the family (not that it really matters), but everybody knows that the company bears their name too, and we all need to work together in order to successfully grow the business and keep our family name in good standing. I think a family business spans the gap between business and family-values, something that clients really feel comfortable with. At one point we had a bad egg... my uncle (never met him) got involved with some shady practices and was kicked out of the company after a short time. I think he tried to start a residential firm using the family name only to get into more trouble before finally falling off the map.

To go along with the family business, our family (employees and spouses and grandma) all sit down for a meal together every monday night - "monday night dinner" we call it.

Dibs

Family,friends and business do not mix well, in my life anyway. Sold a profitable painting business in North Jersey to partmer with my sister and her husband in GA. They were to bankroll and I run operations. So I sold business, sold house moved family (3 teenagers) wife, dog and bird to Gerogia!!! Georgia....any where but Georgia.... sorry...
Six months into it, they have "a change in plans". Still dripping about that..."change in plans" thing. So I am starting all over again in the bucket and hope to get out of it soon. I learned my lesson!
Trapped in GA until THE RETURN!!
Peace

eagleandbaby

You better start on a plan B NOW!

Your situation is scarily similar to mine. Some day your dad or uncle will get ill or die. It may be your dad. Then what? There must be a succession plan no matter how hard it is to talk about it. As they get older and there is no succession plan things will get more and more strained. Especially if the family socializes allot. You have to have a succession plan and if not you must have a Plan B.

In our family business there was never a written plan of succession. My dad got ill. My uncle took over and my dad’s family lost more than just a job.

You may think you have all the time in the world but do not delay.

Michaeljp86

I work with my dad and at times its hard, he likes to dink around. I want to get it done. I have things to do so I dont like goofing off. But since hes my dad I dont want to start yelling at him to quit screwing around. It does get me stressed out.

Now if I had to work with my older sister I would probably be in prison. She just has this attitude that shes perfect and Im not and makes sure I know it. She also cant keep her noise out of my business. I do my best to stay away from her.

Glasshousebltr

I tried to work with my family .......but about the only thing anyone one else could do was demolition ...........the national geographic camera crew seemed to always be in the way ......and us gorillas aren't much for paper work.

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Bob

CertifiedFunds

The only partnerships that work is Husband & Wife. Stay away from all others! No such thing as a family business, only arguments, theft, laziness, and a lot of dysfunction. Go to college and take Accounting, the professor will gladly tell you what not to do and family employee's or partnerships are a huge no no!

Glasshousebltr

Yea what he said ........however it makes it much easier to get laid at the office.

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Bob

maverick17

That, IMHO is the key to a successful family business/partnership.

If I trust my little brother, then I can make it work. He knows I am the type to take control and am also the type to let me do things his way as long as the end result is similar to what I would have done.

I think I spoke of my dad owning a trailer park on this board when I was younger. Of the many things I learned driving to that sh!thole every week was that if my dad did not trust me, why even do it?

I also agree there needs to be a "BOSS," a single person who has the authority to make decisions, hire and fire. But he also needs to be a guy who knows when to use his "BOSS" powers and when to give something he may not 100% agree with a chance.