Learn how to start your own business with family and friends. Discover how to set expectations around roles, ownership, and finances.
- Hi, I'm Bob McGannon and this is Starting a Business with Family and Friends. This course covers the organizational, personal, and financial management of running a business when you have family and friends as your co-business owners, employees, or both. It draws from my 14 years of running my own business with friends and family members. First, I'll introduce you to the techniques to define roles that separate your family responsibilities from your business needs. We'll also discuss setting things up to take advantage of the financial benefits you can get from running your own business.
Next, I'll give you recommendations for the governance of your family business, including business controls and decision-making, working with shareholders, and establishing and managing the pay you provide to your family and friends. Then I'll give you hints and tips for keeping your business running smoothly by managing the working relationships with your family and friends. This will include determining how to communicate effectively, managing conflict, and the best ways you can celebrate your business success.
With these tips and more, I'll introduce you to the best ways you could be successful in establishing and managing a small family business in Starting a Business with Family and Friends.
- Clarifying roles and boundaries
- Discovering compatibilities and styles
- Understanding taxes and employee pay
- Having an exit strategy
- Communicating effectively
- Working day-to-day with family with friends
- Balancing family and business roles
- Handling a family crisis