Thinking about going into business with family? or already are in one? You know there will be pros and cons. The pros in most cases outweigh the cons but if things go south, it can leave a big negative impact on not just your personal lives but your business and its brand.
Family businesses can be great – not just for the brand building, but also because of the level of passion and commitment members put into their business. Customers and clients can feel it and is often one of the reasons for their loyalty.
Sometimes, there may be conflicts and some conflicts can lead to major issues that can impact the business negatively. One such incident to learn from is Glance Technologies’s Executive team and the recent firing of the President and COO, Penny Green, who also happens to be the majority shareholder in the company. The feud between the family is now being surfaced online and in the media and it’s one of the things businesses do their best to avoid. If you are thinking about going into business with family or friends, consider all aspects, especially communication and think about dispute resolution strategy.
To read the article, click here: When family business gets ugly.
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