Relationships
The opportunity to work with family members to pursue common business goals can be a very rewarding experience. Years of bonding among family members can create a strong sense of belonging and interdependency.
I have actually had the opportunity to work with my dad for a number of years and know first-hand how rewarding and how much fun it can be. Having experienced the benefits of working with family, I really want other family businesses to be able to integrate its members in a successful way that minimizes conflict, so they can take advantage of these strong relationships. Effectively managing these family relationships can go a long way in ensuring long-term harmony on a personal and professional level.
Financial rewards
Successful family businesses are able to provide financial rewards to both active and non-active family members. It is not uncommon for family businesses to reward its members more than they could obtain elsewhere. These rewards can come in many shapes, whether it is a salary above fair market value, access to jewellery at cost, or additional dividends at the end of the year.
Consider developing a family business succession plan that will help you manage both the family and the business, and, in turn, help garner these advantages to their fullest potential.
