The relative benefits (Daily Mail franchise story)
posted on 07-Jul-2008
The relative benefits
By: Linda Whitney
BUSINESS can be a family affair. Many franchises and outlet opportunities welcome approaches from family members — but think hard first, for it can also be a route to rows at home.
'Going into business with family members can be very satisfying, and my clients often talk about the sense of pride and belonging they feel as a result,' says Mark Evans, head of family business at Coutts bank.
'At the same time, there is more at stake. It is not just the business that can suffer if communications break down. Family members can feel trapped and relationships can be ruined if they are not properly managed.' 'Think carefully about whether you work well together,' says David Truby of lawn care franchise Greensleeves.
Greensleeves franchisees include several pairs of brothers and two fatherand-son teams, plus one where a dad works with his son and two daughters.
Remember experiences of working together on joint projects such as family holidays. If it was hell, think twice about setting up in business together. Also evaluate your family's business skills.
Some people are good at administration, some prefer marketing and others are more practical types.
'Check you have the range of complementary skills to suit the business you want to set up, and once you start, respect each other's expertise and let them get on with their job,' says Mr Truby.
It helps if your roles are firmly defined, says Mark Ryland, who, with his wife Liz, owns the Mr Electric franchise in south-west London. Mark is a former electrician, while Liz had accountancy training.
Mark says the secret of the couple's success is their ability to work closely but in different roles: 'Liz looks after the financial side while I take on a more practical role.' Family businesses are not always a bed of roses, as Mark adds: 'As with any company, we have had disagreements, but unlike other business partners, you don't have the opportunity to cool down, spend some time apart and think it through.' Mr Electric franchises cost £16,000.
MR ELECTRIC 01527 578 157..
