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Have You Ever Been Involved In A Family Business?
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[QUOTE="Axis, post: 284159, member: 66672"] Although I have not been in a family business but I can personally give advice to those who find themselves to be successors to family businesses possibly sometime in the future. First and foremost you need to understand that managing and operating a family business is the same as operating any other business but the only common difference between a family business and that of running your own business is basically that family members and relatives might from time to time pressure you or give you unnecessary remarks possibly on areas you are not doing well. First and foremost you need to come down and you need to understand that running and managing a business up to the state of substance cannot be achieved by pressure from others so it is best, to be confident in your actions by carrying out your own research to make sure that your own thoughts and actions are the best first of all. Family relatives and families themselves can only give you suggestions and opinions but not actually making decisions for you. There is absolutely no difference from running a family business from running a normal business apart from the difference explained above. You may have to renumerate to each family member some allowance possibly at the end of a particular working a year or month but for more advice you need to document each allowance you compensate each family member so as to keep track and not lose control. [/QUOTE]
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Have You Ever Been Involved In A Family Business?
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