A recent article in Money magazine titled, “The Dangers of Working for the Family Business,” featured tips from business experts on joining the workforce with family.
The article begins by offering advice from Clint Morrison, a recent graduate from Rider University who joined his family business right after graduating, who stated having “a sense of entitlement could get you fired.”
The article reported that Morrison’s two older brothers and his sister, sister-in-law and cousin also work for Benefit Design Specialists Inc. — the family business.
Here are a few helpful tips from business experts shared in Money magazine:
- Start elsewhere: One of Morrison’s business professors told him to go elsewhere and gain knowledge of the industry first before settling down in the family business.
- Work your way up: According to Robert Spielman, a partner in the tax and business services unit at Marcum LLP, business owners and operators planning to hand down the business to their children/family should make sure to expose their family to all aspects of the business. A family member planning to join the family-run company should start at the bottom and work his/her way up to fully experience all sides of the business.
- Manage expectations: Avoid the sense of entitlement often established by the dream of a family-operated business. Business owners and operators should push family members to work hard and show they deserve to take over the family business — and that they are not simply entitled to it.
Read the entire Money feature on tips for family businesses here.