Managing for Profit

Make sure bringing family into the business is the right thing

There are many opportunities for family businesses to come off the rails if miscalculations happen during succession planning.  Several considerations should be made when deciding whether to bring a family member into the farming business, says family business consultant Jolene Brown.

Family members are sometimes brought into a family business because they can’t find employment elsewhere, says Brown.

Among the mistakes common in planning succession for a family business is that agreements are not put in writing.  On the other hand, Brown points out that it’s just as big of a mistake to fail to celebrate the successes of a family business.  Brown stresses that family members and in-laws are not entitled and have to earn the right to be part of a family business.

AUDIO: Jolene Brown (3 min. MP3)