THE IMPORTANCE OF BOUNDARIES IN FAMILY BUSINESSES
April 5, 2017
Starting a business with family can have many fulfilling aspects. However, it also has its share of difficulties. In addition to the typical challenges with starting a business, starting a business with family can have its own set of issues connected to it. This includes issues related to boundary-setting.
As a recent article on MarketWatch’s website noted, setting clear boundaries can be crucial in a family business. Among the things a family business may want to establish such boundaries for are:
What roles the different family members have in the business.
What things are to stay at work and what things are to stay at home.
How family members are to talk to and act towards each other and others in the workplace.
What behavior is and isn’t acceptable in the workplace.
How clear of boundaries a family business has when it comes to these sorts of issues could impact many things, such as how smoothly the business runs and how likely family members are to get into disputes in relation to the business.
Among the things that can influence how clear of boundaries a family business has is its legal framework. This includes what sorts of legal agreements have been put in place in relation to the company. Such agreements can help with laying out clear expectations and processes when it comes to a wide variety of issues that can be present for a family-run business.
So, one of the things that can matter quite a bit when a family is starting a business is what agreements are formed in connection to the business. Skilled business law attorneys can advise individuals looking to start a business with their family on what legal agreements it might be helpful to have in connection to the business and provide them with guidance during the process of establishing such agreements.