Family Business

Major portion of new businesses launched in the USA, make up 80%, are family business. This kind of business, starting with brother, spouse, parents, siblings, children or other family member like a partnership.
The attraction to start a family business came the feelings of confidence, loyalty and hope of hard work, but this expectative is not real and what that was a perfect dream and plan become in a true problem. To avoid problems during the beginning some things will help to start a successful family business.

12 Keys to Family Business Success
(https://startupnation.com/grow-your-business/12-keys-to-family-business-success/)

1. Set some boundaries.
2. Establish clear and regular methods of communication.
3. Divide roles and responsibilities.
4. Treat it like a business.
5. Recognize the advantages of family ownership.
6. Treat family members fairly.
7. Put business relationships in writing.
8. Don’t provide “sympathy” jobs for family members.
9. Draw clear management lines.
10. Seek outside advice.
11. Develop a succession plan.
12. Require outside experience first.

In this part, the eleven step is very important, because only 30% of first-generation businesses survive into the second generation.

I work in a family business and we are in the transition of first generation to second generation, and  because the correct planning some problem came but it are being resolved, follow the suggestion shown above.

The family business has all tools to become a success - the same vision (protect the family), and objective (provide financial support), and principally people that love each other and belong to same family.


Update about of $100 Challenge
Many contact for email and phone but, none deal closed.