Starting a business with your family is no walk in the park for most people.
However, some of the worlds most successful corporations are family-owned and run businesses.
Examples include Walmart, Ford, Dell, and BMW, to name a few.
Now, family units are close and intimate, which is a precursor to trust.
But wherever money is involved, there comes in a factor of potential conflict.
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However, formalizing business-related matters prevents a great deal of animosity if things dont fall through as expected.
Court
Also, its essential to note that courts dont consider business deals between family members legally binding.
Now, instilling a culture of meritocracy in your company starts with yourself.
Just because you are the boss in a family venture doesnt mean you give yourself leeway.
By setting an example of efficiency and professionalism, you should create a culture that expects and rewards merits.
Unfortunately, a succession plan can cause strife (just like wills and inheritances).
But it sets your business direction before uncertainty could occur.
So record and remember why you began the journey, and it is sure to be a smooth-sailing one.
