This question comes from Grace Speedman:

“What do a lot of family businesses lack?”

  • I would say money. 9 times out of 10 you have your business and personal funds tied together which causes problems between spouses. If you keep it all tied into together and have to write checks for the business and let’s say you don’t get paid for a while, well that causes your personal accounts to suffer. And we all know that finances are one of the biggest reasons that a husband and wife get into arguments. Especially if you’re just starting out, make sure to have a separate personal and business bank account so you can avoid issues that WILL come up. -Robert
  • Many lack expertise. You may have one person who wants to start a certain business and has expertise in that field but not everyone may have expertise in those areas. That’s where you have to find out where people have different strengths and where you can utilize them in a business. -Paula
  • From what I have seen, many lack a “dynamic” with each other. It may seem like a good idea to go into business with family (which can be a great thing!) but you also should sit back and take a look at how you get along just as a “family.” If you can’t get along at a BBQ get together then most likely you will not be able to run a business together everyday. Although some have made it happen despite how they get along, you still should take a good look at your dynamic outside the idea of a business before jumping into being co-workers. -Ashley

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