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Articles -
Business and Finance Articles
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Written by Webmaster
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Friday, 10 October 2008 |
By Chris Simpson
 Working with family members can be a very tricky task. This happens when you mix personal relationships with work relationships. There are all types of problems that arise with family business relationships: marriages, divorce, battles about the job, control over shares, and decision making issues. The business can actually be at risk for possible losses if the family members are no able to get along.
The following are various pitfalls that occur with any family business situation:
Poor Documentation
The most common mistake between family businesses is that they fail to make a formal document about the terms of their business arrangement. Many business owners assume that when they are dealing with family members that they can trust that a written agreement is not needed. Other people are afraid to bring up the issue of a written agreement due to the fact that it might insult the other person or imply that they do not trust them.
While these concerns do happen, it is important to document all agreements so |
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Last Updated ( Friday, 10 October 2008 )
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