Get Family Agreement for a Business

A new business can sometimes be like having a new member in the family competing for care and attention.

Members of the family who are not directly involved in the business can feel neglected and become jealous that the business is taking that person away. Children, especially, can feel angry that their mum or dad is not as available as they used to be, before they had the business.

If members of the family are tolerant and aware of the attention the business requires, especially in the early stages, this can make a big difference whether the business fulfils its full potential.

In addition to the time and energy involved in developing a business, there are also the financial risks and sacrifices involved. For instance, money can be diverted from the family into the business and therefore the children may have to sacrifice some things they would like to have, such as a new skateboard or new bike, etc. It can also mean more pressures because the family home may become mortgaged to provide finance.

If the rest of the family are not in agreement, or become resentful, it is unlikely that the person running the business will be able to ...