Having a son, a daughter, your spouse or another relative become a part of your team can be a productive decision if you handle it correctly. But if you don’t plan properly and the move doesn’t work out, you could face strained family relationships and serious business problems.
Before inviting a family member to join your firm, make sure you are both clear about what is being asked and exactly what will take place.
Speaking with the family member beforehand can help you avoid situations that could lead to personal and business conflicts, says Rosemary Smyth, owner and coach with Victoria-based Rosemary Smyth and Associates, which specializes in coaching financial advisors.
Ask yourself these six questions before inviting a family member to join your business:
1. What are my expectations?
Before bringing a family member into your practice, think carefully about what you will require.
Work out what qualifications he or she will need and when, says Smyth. Specify in detail what his or her job responsibilities will be and the appropriate compensation.
2. What are the family member’s goals?
Remember, just because you love the business doesn’t mean everyone in your family does.
Talk to your potential partner or employee about his or her goals, says Smith. Ask if he or she is interested in the industry and has a passion for the business.
3. What are the boundaries?
Consider possible limits for business and family life to maintain your professional and personal relationships.
Will you be open to discussing business at any time, including around the dinner table? Or will business be off-limits once you leave the office?
Be sure to have these questions answered before you make the move.
4. What are the limits of the new team member’s authority?
Think about whether or not you would be comfortable if a family member were to start re-arranging the office and going through your files, Smyth says.
If you want a little more space, make sure you are clear with your new partner about what is acceptable.
5. How will this change affect the practice?
Think about how a family member on the team might alter your decisions regarding the business, Smyth says.
Will you put your personal relationship ahead of the business or will the practice always come first?
6. What if it doesn’t work out?
Imagine every worst-case scenario before inviting a family member to join your team.
Think about how you will handle every situation, Smyth says. What if his or her performance is unsatisfactory? What if he or she fails exams? What if communication breaks down between you?
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