September 12, 2019

Family Business Do’s & Don’ts! – By Rekha

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Family Business Do’s & Don’ts: All You Need To Know Before Joining The Family Business!- Written By Rekha Manchandia

If you are in the family business, you must read this story…This is a real-life story of a business family- very rich, successful & reputed. The family comprised of a father; the head, mother and two married sons, two daughters-in-law, grandchildren and a yet-to-be married son. My friend got married to the youngest son, Aman, who was simple, inarticulate, and a good looking guy.

My beautiful and smart friend was very happy. She got everything she desired of; good clothes, parties, vacations, etc. The only hitch was her husband’s drinking habits. But as the man was loving and caring, she tolerated his habits.

But this fairy tale ended when Head of the family; the father died a sudden death. Soon the two elder brothers separated their younger brother, Aman, giving him a flat to live and some money to start a new business. Now this man had never paid attention to finances or other matters of the business. As there were three seniors to look after the important matters, Aman only supervised salesman and did trivial odd works in the shop.

Aman started a new business and failed miserably. He lost almost all the money. He was deeply hurt and felt cheated by his brothers, but being simple, couldn’t muster the courage to fight with brothers. As he was already into drinking, he gave into heavy drinking. With no money to meet the expenses, and his drunkenness led to constant fights between the couple.

Fed up with all this, one fine day, my friend left her husband and settled in her native place with her two children. She started teaching in a school with a meagre salary and still trying to make both ends meet. Aman is living all alone and is drunk all the time. What an unfortunate end of a beautiful family!

Who is to blame for this pathetic condition of this young man?
Of course, 1. the head of the family; the father should have known that his youngest son was simple and should have secured his future, 2. the man himself; Aman should have been awake and aware of his surroundings; and 3. my smart friend too, who enjoyed the present and could not oversee the future.

This is not the story of one family. I know a handful of similar stories. To avoid such outcomes, I would suggest young men, joining the family business, certain DO’S and DON’TS to follow:

Young men joining family business should ask for a salary, right from day 1 and instead of spending the full salary, should start saving some amount from the beginning.
Many a time, as these young men know that they have to join the family business, they don’t take studies seriously and even if some go to college they hardly acquire a B.Com degree. A BIG mistake!! Education is a mighty tool. So guys should definitely do M.B.A. or Law or B.B.M & if doing B.Com, should do diplomas in taxation/ business management/ financial planning etc.
These qualifications will help you in the business and also strengthen your position in the family. Always remember — ‘KNOWLEDGE IS POWER’.
Keep an open eye and ear, to what is going on inside your firm. Slowly, get yourself acquainted with all aspects of the business.
Get befriended with someone owning a similar business. Keep updated with new scopes or possible threats in the market.
After at least 2 years of joining, make sure, there are proper investments and savings done in your name.
Don’t ever get into any type of gambling. Take part in a sport or develop a hobby instead!