It is an extremely tricky and complex issue that warrants attention even before you start a business. A short article will probably not do justice to the topic because views tend to differ and context can be very different. The objective is to highlight some key factors for you to mull over, think through the issue carefully and make a choice.
Key considerations:
- Do you want to run your business as a family-managed or professionally run business?
- If you include family members, can professional working relationship takes precedence over family relationship, at work – it entails discipline, reward, dismissal, conduct and respect for legitimate or positional powers?
- Is it a short-term or long-term arrangement?