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How To Overcome Challenges in Family Businesses

Running family businesses can be a lot of fun, but it also comes along with its challenges. There are several things you can do to prevent these challenges from coming up often in a family run business. Many people say personal and business life doesn’t mix, but by considering these tips you can mix both happily and successfully.

Establish boundaries early on

Establishing boundaries can be the key to getting along with your family while managing a business. Decide which topics are off bounds during the work hours and don’t discuss them until the work day is over. Bringing up other family issues in the work environment can cause friction for your family members and other employees. Keep the work talk at work and home talk at home.

Know your role in the business

Set your role early on. Determine what your responsibilities entail and don’t cross over into your family members roles. Set specific roles for everyone in your family and make sure every agrees to what their responsibilities will be. It’s too easy to merge into different lanes when you’re working with family and this could lead to one member taking on more than others. To avoid resentment down the road, make sure everyone is only taking on what they can handle.

Have an open mind when dealing with disagreements

When you’re working with family, you’re working with people who will be brutally honest with you. This can be a good and a bad thing.  The most important thing is to have an open mind when your family member comes to you with a problem. Try to understand their side before jumping into an argument.

Keep an open communication

Resentment builds up easily if you avoid problems. Always communicate your feelings of stress or uncertainty to keep a healthy work and family environment.