NEVER DO BUSINESS WITH FAMILY

WHY YOU SHOULDN’T DO BUSINESS

WITH FAMILY

Life is a teacher, the more we live, the higher our chances of learning. The few years I spent on this earth are good enough to let me know that the biggest downfall of a man begins when he starts a business with family.  For the purpose of this piece permit me to define family as – Anyone who is closely knitted to another individual over a long period of time, and has access to the individuals public and private life.

Many promising business have gone down the drain over the years because a naïve individual decided to bring FAMILY into the business.  

Quickly I will give you few reasons why you should NEVER allow family near your business. 

1.     ABSENCE OF PROFESSIONALISM: Except you want to remain a small player in your business, you can never really achieve professionalism in a business that family is involved in. The term FAMILIARITY BREEDS COMTEMPT is better demonstrated in this regard.  A wife who addresses her husband as ‘HONEY’ at home may find it extremely difficult, if not impossible to refer to the same man as ‘BOSS’ or ‘SIR’ in the business environment. Any attempt for the Man who is the CEO of the company to correct his wife who happens to be the PRO or hold a lesser position in the company may lead to unnecessary friction on the home front.

2.     ACCOUNTABILITY ISSUES: Working with or for family can become very tiring when the issue of accountability arises. A younger brother who works with or for his older brother in a business may not be fully accountable because he believes his brother should TRUST him with the accounts. Searching for clarification from the younger brother may spring up issues of trust within the family; it becomes more complex when both individuals are from a polygamous family.

3.     PENALITIES: Intertwined with accountability is PENALITY. When laws are broken, or there happens to be a breach of contract, delivering a verdict on the accused or defaulter can indeed be a herculean task; especially in the African setting. How can a Man lock up his OWN BLOOD BROTHER in jail because he stole #50,000.? Yet the people forget that they business itself may not even be worth up to that.

4.     FAVORATISM: This is very common in many African businesses; upon retirement a man puts his first son in charge as the CEO, when there are better qualified MD’s that could effectively take over. This action in itself brings inner conflict in the organization, dividing the company into Pro New CEO, and team LOYAL to OLD MD’s. After a short while, the company folds up because of disunity. Having family in business can prevent the top organization from making the right decisions at times. 

5.     SECURITY RISK:  90% of robbers always confess that they have an inside man that gives them information about their target. Who best to serve as an informant than your “Family”? We all know that the average African man is not happy about his brothers progress, so rather than work to increase his brother’s wealth, he is eager to bring the brother ‘DOWN’. Having a family know about your accounts, business deals, and expenditure is the fastest way to allow men of the underworld into your home.

Conclusively the business world is a serious one, and to succeed, you must be able to draw the line between your BUSINESS and your FAMILY.  Understand that having a family is not a guarantee for building a successful business empire. Search for individuals with the best skills and qualifications to enhance your business.

FAMILY BUSINESS

WHY YOU MUST DO BUSINESS

WITH FAMILY

One thing that makes Africa and Africans special is our love and respect for FAMILY. The African society prides itself  with the institution of family. This in itself has positively affected our lifestyles including our businesses.

Quickly we would examine few reasons why we MUST involve family in our businesses.

1.       EASY START UP: The fastest way to start any business is taking full advantage of the family line. Over time many great entrepreneurs started multinational organizations by using their Spouses, brothers, sisters, and children as Receptionist, Cleaners, Marketers and many more.   Even in the church business, a Pastor wife can be the Women’s Leader, Assistant Pastor, Treasurer, Choir Leader and even the Sanitation Unit Leader. All these can be possible because most times the love shared by family makes it easier for them to believe and support your dream without any direct plan for a reward.  Many people support or help businesses only when they have seen it thriving, however family is always ready to help… As long as they have faith in you.

2.       ENHANCES UNITY:  In dealing with humans, there is a tendency for people to err and offend each other, however when Family is involved in a particular business, their bond becomes stronger. Minor challenges are forgiven and forgotten all because of the growth and success of the business. The facts that they both have something bigger than their ego, or pride to protect will make them settle disputes quickly and amicably.

3.       INCREASES LOVE: There is nothing as pleasant as working with/for someone you love. Working with a family breeds an atmosphere of love and where there is love there is higher possibility for higher productivity. The working atmosphere most times affects the productivity of the workers. A work environment filled with hate and bitterness can never produce good results.  

4.       CONTINUITY: What will be a man’s gain if he spends years building a business empire without a sure plan for continuity? The best people to live a dream are does closet to the owner of the dream. To ensure that your sweat and labor is not tarnished or forgotten, it is important that family is involved in the business you are into. With family, you can be assured that the founding Principles, Traditions and Goals of the business would be upheld. This is way better than having a stranger coming to reconstruct a foundation you have already laid.

5.       SECURITY: in today’s business world, TRUST is very scarce if not absent. Many people cannot be trusted; however, its remains safer to trust Family than an outsider. Sometimes in the course of running our businesses we may be tempted to delegate certain financial transaction to others. Delegating to family is less risky because you know the root of that family member; unlike an outsider that you have no clear idea of his/her past except for their CV.

Business is good, but a man with family has more wealth. To build a great generational business empire, it is important you carefully integrate your family to your business. When this done, you can be sure that your business would thrive successfully with or without your direct presence.