These lines spoken by
Michael Corleone to his brother Fredo could very
well apply to small family businesses, which are
critical to the nation's economy. In fact,
according to the National Federation of
Independent Businesses, more than 1.2 Million
businesses across the country are owned and
operated by spouses. While these thriving
ventures in capitalism are great for the
economy, they can cause a lot of stress on your
family relationships. That's why experts
recommend you follow a few simple suggestions to
keep the business--and your family life--running
smooth! Only Fools Rush In.
Starting a family business is a huge commitment.
Although it sounds romantic, it's a lot of work
to...well...make it work. Before you jump in,
consider what type of business is truly right
for you; how the business will impact your
financial plans; and how you'll still make sure
you have time in your schedule to enjoy
non-business related family time. Because, as
The Don says, "a man who doesn't spend time with
his family can never be a real man".
Put It In Writing. The first
step to making your dream a reality is putting
together a business plan. The Small Business
Administration has a great website that can help
you
write your business plan. You'll also need
to apply for a business license, tax
identification number, and even business loans.
Again, you can find the
most requested business documents on The
Small Business Administration website.
Clarify Roles and Responsibilities.
To help avoid frustrations and arguments in the
future, make sure everyone agrees on who will be
responsible for what. Give yourselves titles and
draft job responsibilities...then make sure
everyone is happy with their role, and that all
of the important everyday duties are covered.
Make sure you determine who will pay the bills,
who will negotiate contracts, who's in charge of
the marketing plan, who does the hiring, and so
on. You don't want to risk overlooking something
or arguing about it later.
Protect Yourself. More
important than having Luca Brasi as your
bodyguard is making sure you plan your finances
and stock away plenty of money to hold you over,
especially during the start up phase. Most
experts recommend having three to six months
worth of living expenses in savings, depending
on whether one or two people in the family will
be relying on the business as their main income.
You'll also want to meet with a financial
planner to make sure your retirement and other
financial plans stay on track - and if you need
a referral to a great financial pro, just let me
know.
Set Boundaries... and Stick to Them!
It's easy to let the business take over your
family life. Little by little the business
successes and setbacks slip into family
conversations... it's only natural. But don't
let them take over completely. To alleviate this
problem, make sure you set up regular "business
meetings" where you can talk about key issues
and exchange ideas about the business. In
addition, establish some off-limit times where
you'll devote yourselves to each other and your
family life. After all, even family businesses
need some time "away from the office."
Starting a business with your
spouse or family is an exciting time. The key is
to harness that excitement while staying
cool-headed enough to make smart personal and
financial decisions. If you or someone you know
needs help with these important details, please
don't hesitate to call. I'll be happy to discuss
your needs and put you in touch with other
professionals that can help |