Richard (not his real name) graduated from college on a Friday. Three days later he would start his first day on the job in his family business. The choice was not one that he gave much thought to. He’d grown up in the family wine business, which his grandfather had founded, and his father had wooed him to join. This was the family’s legacy, his father had said, and someday Richard would be CEO. Or at least that’s what Richard heard.
Should You Join the Family Business?
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June 04, 2018
Summary.
Too many people join their family’s businesses without forethought or due diligence. They make assumptions about what their career track might look like, and they take for granted that they will work well with other family members in the business. This is a mistake. Even though a family business can be a logical place for an offspring to build a career, people should ask three questions of themselves and three questions of the business’s leaders to increase the odds that it will be a good fit and that everyone’s expectations are aligned. Doing so can prevent heartache down the line.