A primary reason for this is that leaders usually pick and choose family members (FM) based on emotional need or wants rather than wise business selection practices.
Placement is even worse. It is often sexist and ageist. Eldest sons get top jobs. Daughters rarely run departments that are driven by profit and loss statements. For these reasons and more, working with family complicates the already daunting task of owning a business, and it’s tough not to take work problems home with you.
We suggest that our FOB clients ask themselves the following questions when they are considering hiring an FM. Both the family members who are employees and those considering joining the business should answer these questions and discuss them. Be clear about your answers before moving forward:
The basic ingredients of sustainable success we’ve discovered and thoroughly tested in other FOBs are these:
If an FOB doesn’t have a process in place that sticks to these guidelines, there’s a nightmare in store.