Family Versus Business A few years ago you were able to start achieving your dre
ID: 2338441 • Letter: F
Question
Family Versus Business A few years ago you were able to start achieving your dream of owning your own business. You have struggled and faltered along the way but now things have come together and the business is growing. You come to the realization that you have to add some Financial expertise to your organization and begin your hunt. Your sister comes to you and asks you to hire your brother-in-law in that role. You have spoken to him and observed him over the years noticing that he doesn't seem to stay in a job for a long time. In all of your discussions there is always one underlying theme that there always seems to be a problerm with the company. You are now faced with the dilemma of possibly alienating your sister and causing family strife or harming your business and maybe your dreams. How would you handle this situation?Explanation / Answer
Family managed businesses face the eternal conflict between considering the interests of family against the interests of business.
It is a very sensitive case of merit vs entitlement and fair vs equal. This dilemma can be overcome by following a simple procedure,
ALTERNATIVE 1: If your brother in law is technically unsound, then provide him appropriate training regarding the same to make him expert and use his services.
By this neither the family nor the business will be effected.
ALTERNATIVE 2: If the problem is not with his expertise, or if you still think that he is unfit for the business then communicate the same to him and the entire family in a way that if won't effect family relations.
CONCLUSION: Whenever a conflict arises between business and family, a wise man will always stand with business , beacuse business is the one that is feeding the family financially.
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