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#1 of 3 Old 10-05-2009, 08:52 AM - Thread Starter
 
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wouldn't it be nice to own some sort of successful/profitable business, which one your children are teens/adults, could become a family-business, where they could work in it too -like on weekends while they are teenagers, and then after they finish college if they ever needed a job or even if they decided not to go to college, they would always have a job at your business waiting for them if they needed it.

Just a fantasy I guess, but wouldn't that be nice? I worry about future financial stuff for my family....

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#2 of 3 Old 10-05-2009, 10:37 AM
 
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I do own that sort of business, and my kids will have options within that business waiting for them when they're old enough. That said, there's no guarantee they will like it/want to do it, and working together presents a special challenge for family members that may not work for everyone. My dh and I are very compatible as partners and coworkers, but I think a lot of couples couldn't take the emotional intensity of it. Similarly, I don't think my older dd will be able to take being an "employee" with us, although she could end up swallowing her pride when she needs to earn money someday.

DH also has an aunt whose family runs a family business (all 4 grown sons are involved in it, plus other family members). It has been difficult for some family members to get along in the business and at least one has been banned from working there now.

Anyway, like most dreams, the reality may not be as simple as the dream, but that doesn't make it a bad idea.

DD1 (Oct 99), DD2 (Sep 02), DD3 (Oct 09)
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#3 of 3 Old 10-05-2009, 11:48 AM
 
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I think that a family business sounds wonderful, but I think managing expectations would be important. There are a lot of people who end up frustrated and resentful because they feel trapped in the business. It has to be a free choice to join - or leave.

Succession planning is a huge issue in some family businesses. How do you decide which child is going to run it - or will they all be equal partners? These are things that have to be decided in any business - but family relationships can make it very complicated. I've known matriarchs and patriarchs who have tried to "rule beyond the grave" by setting up intricate wills/trusts/business agreements.

OTOH, a family business can help nurture strong relationships in the family and provide a great experience for children. I suppose it all depends on how strong the family itself is.
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