When others depend on you.
WHY IT MATTERS
Business income affects the household, and uncertainty affects people who did not choose it.
WHAT TO ESTABLISH
What the household needs, agreed What the business takes What happens in a poor period
WHY AGREED
Unilateral decisions about shared money produce conflict.
WHAT TO COMMUNICATE
The real position, including difficulties.
WHY
Concealing problems removes the chance to adjust together, and it is discovered.
WHAT TO AVOID
Using household money for the business without discussion Guarantees given without the other person understanding Optimism presented as fact
WHY GUARANTEES SPECIFICALLY
They can affect the family home.
WHAT TO ESTABLISH ABOUT FAMILY INVOLVEMENT IN THE BUSINESS
Whether they are employed, and on what terms What they are paid What their role is
WHY IN WRITING
Family employment produces disputes, and informality makes them worse.
WHAT TO BE CAREFUL WITH
Lending to or borrowing from family Business partnerships with family
WHAT TO DO IF YOU DO EITHER
Document it as you would with anyone else.
WHY
It protects the relationship, which is the more valuable asset.
WHAT TO PLAN FOR
What happens to the business if something happens to you.
WHAT TO DISCUSS
Whether anyone wants to continue it.
WHY ASK
Assumptions about succession are frequently wrong in both directions.
