August 17, 2007
Posted by chriscahn
I have researched a number of companies where family members or friends of the family have significant leadership positions. In every case, I have seen there is nothing good about nepotism unless you are a family member. :)
I would also be interested in hearing your stories regarding nepotism.
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August 17, 2007
Posted by pollyp
( 0 ratings )
I think it all depends on the family dynamics that exist outside of the business setting. You have to think about the following questions:
- How will I handle conflict with family members?
- Am I comfortable giving/receiving orders from my family members?
- What will happen if I need to hire a non-family member?
- What will happen if I need to fire a family member?
- Will I be able to maintain a family life outside of the business?
This isn't a comprehensive list, by any means, but I think it indicates that there are many issues that must be addressed as you consider hiring/entering a family business.
On a different issue, I think the image/reputation of the small, down-to-earth, mom-and-pop family business is still good in our society. People often automatically feel more comfortable and less fear that they will be taken advantage of if they're doing business with a family team.
In the end, you simply must weigh the benefits against the costs. Whatever happens to the business, keep in mind, you can't hold a "going out of business sale" for your family...
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