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Tuesday, 20 February 2007

Doing business with your in-law? -

My dad is planning on opening a homecare business and wants my husband to run it (manage it). So far I m not liking my husbands attitude to money, he wants the easy way out to make and earn money, well as me I enjoy going to the office and doing a 9-5 to earn money. Someone please rest my mind assure and tell me that it would be wrong for my dad to employ my husband to manage the homecare business!?!??!?!|::::|There is no delegate way to say this. Working with family is tricky business. It is truly a very good idea to set boundaries. Have specific goals and a very clear understanding of what everyone is responsible for in the business before people start trying to work together. And EVERYONE (that means everyone who is related) needs to realize that while this is a family business, that they need to remind themselves to mind their own business unless advice or help is solicited. Sorry this is a bit long, hang in there... Here are some great questions to ask that will help your father and husband realize what they are getting into. THere are plenty more, but this is a good start. Each of them should ask each other: What is your expectation of me as we work together? Be specific. Create job descriptions. If this can t be done, then fundamentally this relationship (business) is destine for a very rocky road. When anything goes wrong, how do you plan to handle it? If they don t agree here, tempers will rise, and profits fall. When family who are not involved in a situation we are dealing with call me, and are angry, how do you plan to support me? If there is no separation between personal and business life, burnout is likely. If there is a time that I am not able to reach a critical goal, will you help me, or abandon me? If the answer is quot;your on your ownquot;, do you really want to be involved in this partnership in the first place? When a customer calls and says they are disappointed or are taking legal action, do you think you can stand firm with whatever decision we make together? If the answer is quot;Noquot;, there is no reason to even begin a partnership. When there isn t enough money to run the business, are you prepared to take less, or no money to keep the business afloat? Money is a source of stress, especially when there is none, or not enough. Being able to have a strategy around how to handle this situation is probably one of the most important decisions in a start up - especially with family.

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