Can a family business ruin a family?

I am asked this question frequently... and the answer is yes! We all know that family businesses are a time-consuming affair. In fact, I am writing this at 9 o'clock at night, proving the point!!

Business gets bigger, with more employees and responsibilities and it can become an all-consuming entity, leaving little room for family niceties. Or perhaps the time is there, but the lack of money, or too much money, can become the elephant in the room.

Recently I have worked with both types of business; one where the money has corrupted the values of the family through greed, the other business has left a family stretched past breaking point, due to financial hardship.

So yes, a family business can ruin a family…if you let it! The key is to have a clear idea about what you are trying to achieve and then making sure you all agree on what has to happen to achieve it. The more clarity, with no secrets or hushed conversations about the good or not so good, the better it is. And of course, working with true family values, not corporate hustling, makes the likelihood of business success more achievable. And more importantly, a family success!

If you are having trouble in this area, you know where I am!