Some say that you should never go into business with your family, but there are many who would argue quite the opposite. In fact if we take an example of two brothers who we have caught up with recently regarding running a business throughout Covid-19, Rick Frank Andreoli Montreal businessmen and brothers who have found great success throughout their careers, and they attribute their close bond as the reason as to why they have managed to find such success. The brothers were kind enough to talk to us about this when we chatted, and they laid out all of the positives that there were with regards to working with members of your own family in a business, let’s take a look.
More Likely to Concede
A common myth when working with family members is that it will become more difficult to take a decision and that each party will fight equally for what they want. The reality however is that because you know your family members so well, you are far more likely to wish to give them what they want. This results in less conflict and more concessions, because of the respect which you have for each other.
Whenever there are cases of theft or embezzlement in the business world, it is usually done by someone that the owner of the business knows, a friend or a partner. There are however almost zero cases which we see where the perpetrator is a family member of the business owner, or an owner themselves who is in it with their family. This level of trust is something that you just cannot buy when it comes to business and it is why having family members working together is the best thing.
When you are working with a family member and there is a 50/50 split in responsibility then you will find that in most cases each party wants to do their utmost for the good of the business and to live up to their half of the responsibility. This is a far easier situation to manage between family members and if the other party is slacking then it is something that is far easier to bring up with them.
Working From The Same Values
Most of us have very similar values as our other family members, instilled in us through both nature and nurture and these can certainly help to create a business which also represents those values. Once again this is something that is very difficult to find elsewhere and it is why working with family makes perfect sense. In doing this you will be able to create a solid foundation for your business built on trust and based around those core beliefs that you have.
There is a risk that this could harm the kinship between the family but for the most part working with family is a great idea and one which will certainly help you to find better levels of success.