National Brokers Network

Tips in Managing a Family Business

Imagine working alongside your spouse or long time partner, or even your parents or siblings. Seems like a dream come true, right? Basically, having a business is already a dream for many. But, running a business with a loved one comes with an additional challenge — working with them.

It’s true that hiring loved one adds one person under people who are willing to make the business work, but working with them also opens a margin of misunderstandings, clashes, and awkward conversations, especially when a family member needs to get disciplined.


Establish Ground Rules

Working with a family member has its benefits. Aside from working with a like-minded person, you have someone who is serious about separating work and home life. In the workplace, it’s important to have a definitive line between personal and work life as intermingling together can brew up stress and gravely affect both facets of life.

The best solution to this is to establish ground rules. Another solution is limiting work conversations within work hours, while personal and other matters during their respective times.

Some business partners, such as couples, tend to vent out their frustrations or other thoughts during their way home, which allows the perfect time to ease the tension before arriving at home and focusing on house tasks. As a business owner, set clear boundaries to make it easier by having conversations and issues without mixing both life and work.


Be Fair and Legal

In case a blood relative or close family member enters the business under a non-management or a different position as you do as a business owner, it’s important to become fair and legal. It’s essential to treat them the same way you treat your other employees. Under the roof of the business, you are in charge and they work under you. In every interaction in the workplace or through signed paper, these employees must undergo the same process as the others.

For better or for worse, treating your employed family member avoids strain on your other employees. If you treat them above them, it can make quite a stir and even convince your employees that you don’t treat them fairly. Nobody wants a teacher’s pet or a coach’s child who always get everything. Same goes for the business. That’s why treating everybody equally helps in creating a rapport between employees, blood relative or not.


Know the Business, Too

Before starting or even buying a new business, also consult your family members if they’re interested in working in that industry or position. If you chose to buy a new business in Victoria, melbourne business brokers will be able to find you with leads and deals perfect for your preferences and budget.

Confidentiality Agreement

In Consideration of the Vendor of the subject business, or any other business introduced to the Proposed Purchaser and their agent National Brokers Network (“the agent”) providing information to the Prospective Purchaser, the Prospective Purchaser agrees:

1. To keep all information provided confidential in respect to the subject business and any other business introduced to the Prospective Purchaser by the Agent.
2. That no information is to be disclosed by the Prospective Purchaser to any third party without consent by the Agent;
3. That it will not use for themselves. Or for others benefit, such information other than to Purchase the subject business or other business introduced by the Agent;
4. That any agreement to purchase the whole or portion of the business shall be exclusively through the Agent;
5. To immediately return to the Agent all such information and other details in written form including any drawings and any copies made of written information, notes, summaries or extracts of any document therefor if any when requested by the Agent;
6. Under no circumstances will the Prospective Purchaser make direct contact with the vendor of the subject business or other introduced business without the prior written consent of the Agent;
7. If the Prospective Purchaser breaches this agreement or buys the business direct from the Vendor, the Prospective purchaser is liable to and indemnifies the Agent for any and all losses the agent may incur including economic loss and loss of income.v

Client Signature (Sign on the box below)