Published in The AFR, 13th July 2013
“Getting access to much-needed funding is a well-known challenge for small businesses in the best of times; equally challenging is family members coming to a mutual understanding about where the business is headed.
It is important to establish early whether the priority is to make the family work for the business or the business work for the family, says Aide de MD chief executive Charlotte Rimmer. “Like any business, there needs to be a business plan. But when there is family involved, there also needs to be a family plan,” says Rimmer, whose consultancy advises business owners.
“If the aim is to have the kids going to private school in the next five years, then the business plan needs to be able to sustain that or there are going to be extra issues to deal with.”
Rimmer says while many people running their own business enjoy the thought of one day involving their children, the reality is it may not always happen.
Whatever current thinking about the family business is, don’t discuss it at the kitchen table over breakfast.
“Set some boundaries between work and home life. A regular meeting with an accountant or financial adviser will help,” says Rimmer.”
(Bina Brown)