Employing your family members within the business can create tensions. If you can predict and cater for them and encourage family and workplace harmony, the commercial and personal benefits can be immense.
What are the critical success factors? The key is to communicate and agree key issues with family and other stakeholders in the business, so there are no surprises. All should be able to see and understand how the interests of the business and of the family inter-relate, all should have the opportunity to have their say and feel they have been listened to, and all should understand the part they play in making the business a success.
The business environment changes rapidly, and family members' wishes, needs and circumstances can change too, so this needs to be an on going process.
Whatever your family business, use the judgement and experience of your professional advisers to help you.
Authorised and Regulated by The Solicitors Regulation Authority. Authority number 591294.
For details of the professional rules governing the conduct of solicitors go to www.sra.org.uk/code-of-conduct.page