For Enrico Frank Andreoli Montreal has been a great place for them to launch their family business. Starting off in construction before branching out into other endeavors, the family have always ran a tight ship and kept the heart of the business within the family. This is something which of course could be fraught with danger, even the closest families can find that the stresses and the strains of business can take their toll. Whilst the Andreoli’s do accept that there have been some ups and downs over the years, they have always stayed on the same page and have always made decisions together about their business dealings.
If you are going into business with family then there are some things which you have to remember.
There has got to be rules set out here, and they have to be set out from the beginning. Now the rules that you apply are totally up to you, for example it may be that all decisions go to a vote and the majority rules, or perhaps the rules are regarding purchasing or sales. Whatever the rules are you have to be sure that they are set in stone and that everyone sticks to them. If you do not have rules to go back to then things can pretty quickly get out of control.
Segmenting the Business
There is nothing at all wrong with taking decisions as a team but it is important that you recognize the need to splice the business and give responsibility to different members of the family. For example if you have a restaurant then one person should deal with front of house, another with the kitchen and then another, if there is one, operating the buying and the accounts. In doing this you can all take on a role which fits with your strengths and you can also ensure that you are not standing on each other’s toes.
One very smart idea which you should be looking at here is to get someone neutral to take up a small percentage share of the business. Sometimes a family needs saving from itself and a neutral person with an important vote may just be the person to do that. This person will have to be strong enough to deal with the members of the family and of course they should know exactly what they are walking into, as long as they do, this could be a key aspect of the business for the family.
Making Time For Each Other
One of the things that often divides family when it comes to business is that they only see each other under business circumstances. It is however absolutely essential that you also make the for each other away from the business as this series as a reminder that it is always family first, and the business will be second to that every single time.
Be careful, have fun, and go make that money.