As a family business advisors there are a number of questions frequently asked. To assist you in understanding the work we do, I will be publishing a series of frequently asked questions.
My son wants to join the business but he has no qualifications or work experience. I want to ensure he brings outside experience to the business and doesn’t just think it’s his birth right. What can I do?
Is working in the business a privilege or a birth-right? Are you in business to give your kids a job or to build a valuable and profitable business? These are all issues to be discussed in the family council and documented in a family charter. We appreciate you want the best for your children, but that may not always be giving them a job. Developing procedures and policies for recruiting family now can provide guidance for the future, setting standards and expectations. Once a decision has been made on the agreed direction, it’s all about communicating that to the broader family and eliminating the potential for conflict.
If you would like to learn more or you have a question you would like answered, please do not hesitate to contact me on ktaylormartin@gmail.com