There are both pros and cons to involving family in your business, so be sure to weigh these key considerations before bringing your loved ones into the fold.
To a business owner, a company is a labour of love. An immense amount of time, effort and resources are poured into it, in hopes that it will grow big, strong and healthy. This is a journey of a lifetime and it’s no wonder that some people want to share it with their family.
There are many notable family businesses that have withstood the test of time and grown into major business powers. LEGO Group, for example, was founded in Denmark in 1932 and is currently helmed by a fourth-generation family member. Over in the USA, SC Johnson is now at its fifth generation of family leaders after being founded in 1886. These brands and others, like French luxury house Hermes, are inspiring success stories but the family business route is filled with its own challenges.