In others, a high turnover rate among nonfamily members is a problem. In still other companies, growth is a problem because some of the relatives are unwilling to plow profits back into the business. This guide discusses such problems from the viewpoint of the family member who is the company's manager. It offers suggestions that should help you to manage effectively and profitably. When you put up your own money and operate your own business.
Conflicts sometimes abound because relatives look upon the business from different viewpoints.
Those relatives who are silent partners, stockholders, and directors see only dollar signs when judging capital expenditures, growth, and other major matters. Relatives who are engaged in daily operations judge major matters from the viewpoint of the production, sales, and personnel necessary to make the company successfully. Obviously, these two viewpoints may conflict in many instances. This natural conflict can be aggravated by family members who have no talent for money or business. Emotion is an added dimension as brothers and sisters, uncles and aunts, nephews and nieces and fathers and children work together in such a small business.