Should members of the same family do business together? This is a question that is a debatable topic. Some people believe one should never do business with the family, while others say that the above is just a myth- family businesses can work better and just fine for anybody. When it comes to the right answer to the above question, it is prudent to ask someone with the knowledge and experience in family businesses to understand what they really are and why they work for everyone’s benefit.
Frank Rick Andreoli Montreal – Why family businesses work?
Frank Rick Andreoli Montreal is an avid nature photographer and outdoor enthusiast. He has developed an intense love for his hometown, Montreal, and the outdoors as a young boy. He regularly spent his weekends with his family kayaking, picnicking, fishing, and canoeing at national parks that are major attractions of Montreal even to this date. He says that if you visit Montreal, you should go in for bike rides around Mount Royal to get a candid view of the neighborhood, while bike tours around Verdun in summer are one thing that you should never miss. If you want a private vacation, you can always opt for the out-of-town stays in Montreal. You can get the perfect experience of staying in entertaining campsites and visiting protected properties.
The pros of doing business together
When it comes to family businesses, he is of the opinion that successful businesses can be formed and established with everyone in the family. You can take a look at some successful businesses in your neighborhood and find that most of them are family rooted ones. He says family businesses work for the following reasons-
- There is an element of trust- Trust is built from the outset as everyone has a common goal- to drive the business ahead. Disagreements are less as you know the person well. This does not often happen with partners. There are cases of acute disagreements where companies fall apart and, in worse cases, disintegrate and shut down completely.
- Overcome challenges better- With family businesses, you are able to overcome the bad times better. You have the support of the family, and this offers you the motivation to proceed ahead and overcome all the hindrances that plague the growth of your business better.
- Focus on the business’s core tasks- You mitigate the tensions of always thinking about what your partner is up to when you are not around to monitor the daily operations of the business. You get more peace of mind as you know a family member is there to take care of things when you are not around. There are no fears of embezzlement and fraud in your absence. All the family members act in the company’s best interests, which is why the business grows faster.
Frank Rick Andreoli Montreal sums up by saying that if you keen to begin a business with your family members, start now. It surely has several benefits, and you are bound to reap profitable benefits in the future with success!