Many will tell you that starting business with your family is a bad idea but the reality is that whilst there are risks, this is a good thing to do. For brothers Frank Enrico Andreoili Montreal has been the city where they have found great success in their business endeavors and both have often commented on the fact that being family is what has brought them such success. Many will cite the potential conflicts which families can have but these two brothers are proof that whilst there may be some challenges, ultimately addressing this as a family is a far better move than going it alone or with someone from outside the family.
If you had been thinking about launching a family business, here is exactly why it will be the best decision that you have made.
The reason why many think that running a family business is a bad idea is because throughout history we have seen examples of these businesses going wrong and splitting the family up as a result. The truth of the matter however is that these are fragile families in the first place, and the closure of the business was nothing more than the catalyst. As long as rules are set out and adhered to, families can actually find that they become closer based on the fact that they now have a shared interest and they have to spend more time together on the business.
Even the most loyal friends can turn their backs and make bad choices, but when you are working with your own flesh and blood the chances of this happening are almost zero. If you are in a family with any member who you suspect could do something like this then you simply will not be looking to go into business with someone like that in the first place. Only you know your family properly and that is why you would always make that smart decision from the get-go.
Another myth with regards to operating a family business is that decisions are tough to make, this is not at all the case and in many instances you will find that a family member is more likely to back down and concede a little, for the greater good of the business or out of love for their family member. Decisions are made quickly and they are made with the consensus of the entire family, this is yet another benefit of running this type of business.
Ultimately the key to the success of a family run business is that there are ground rules which have been put in place from the very beginning. These rules will help to divide power and assets, as well as the financial side of the business. As long as these rules are in place, the family run business is going to be a force to be reckoned with.