Starting Your First Business as a Family | Barry Kornfeld

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11/24/2020

Starting Your First Business as a Family | Barry Kornfeld | Family-Owned & Operated Businesses

a Starting Your First Business as a Family by Barry Kornfeld | Nov 24, 2020 | Barry Kornfeld, Family-Owned & Operated Businesses

Starting a business on your own can be a huge step towards a bright future, but can also be a great challenge. When starting a business as a family, the challenge falls on every member. However, there are many positives when creating a family business such as working for yourself, giving a greater opportunity to your family members, and passing down a business and legacy for future generations to come. Starting a family business takes hard work and dedication, but these tips can help the beginnings be a little bit easier: Create a Plan A business plan is the cornerstone of a business––especially for one that is family-owned and operated. When creating the business plan for your small business, focus on the roles of each family member, salary and hourly wage, ownership stakes, an exit plan, and a succession plan. It’s imperative that each family member that is an employee understands how compensation works and whether or not they have ownership stakes in the business.

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