All in the Family
2. Formalize job descriptions. Precisely define who is responsible for each business function. Each family member needs to fully understand his or her obligations with regard to the business.
3. Require written reports. Make monthly written reports part of the routine, so each family member is forced to document progress.
4. Set goals. Include target dates for reaching certain milestones; plan how you will celebrate those milestones; and set benchmarks to measure progress. Do this with your family members so that everyone buys in.
5. Avoid a family hierarchy. If you are in business with your older sibling, for instance, make sure to leave the family pecking order at the door. Ideally, your roles should be based on job descriptions and the organizational chart.
When something goes wrong in family businesses, it can be devastating to the entire family, as in the case of Andres and Beto. Emotions can cloud thinking and cause people to behave irrationally. These emotional wounds may heal slowly, with time.
At such times, try to keep in mind that friends come and go, but your family is your family no matter what. You want to protect and treasure that.
Therefore, plan with your family members, define roles and responsibilities and commit everything to paper. Do it before anything goes wrong. Run the business like a business. Then, at the next family get-together, no “business” will come between you and the family.
