Joining a family business isn\u2019t for everyone. It\u2019s a risky decision that needs a lot of careful consideration. You might build a successful dynasty that grows into a Fortune 500 company, with generations of family continuing to lead the business. Or, like the vast majority of family businesses in the U.S., your business might not make it to the second or third generation. Even worse, your family dynamics could break down, leaving a legacy of dysfunction that long outlasts the business.<\/p>\n
So how do you decide whether to join a family business? The next generation should consider six key issues before diving in:<\/p>\n
There can only be one CEO<\/strong>: If you\u2019re in the second or third generation, there may be siblings and cousins all hoping to take over as CEO. Who is competing for those positions? Is your cousin the \u201cgolden child\u201d of the family? Are you the most qualified? Are there family politics involved?<\/p>\n Consider working outside of the company first<\/strong>: By working at a different company, you\u2019ll gain experience and knowledge \u2013 not to mention objective feedback and evaluations.<\/p>\n Give yourself permission to walk away<\/strong>: You need to ask yourself if working for the family business is what you really want to do or if it is preordained. If you decide to walk away, be prepared for some emotional fallout.<\/p>\n Would it be better for the family to stake you in your own business?<\/strong>: In some cases, you might achieve more in your own business. This is often the case for family members who are real hard chargers \u2013 the ones who inherited ambition from the family founder.<\/p>\n