Balancing Family and Business
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Balancing Family and Business
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Summary
On this week’s OK at Work, Sarah Sawyer and Russell Berger discuss the risks and best practices of doing business with family members or significant others. They stress keeping the balance between family and business by treating the venture as a business that is subject to rules, risks, and laws, with clear governance and control. For co-owners, it is best to set ground rules, align on vision, and put an operating agreement in place. When dealing with family employees, business owners should be upfront about roles, pay, compliance, and expectations.
00:00 Family Business Risks
01:27 Governance Ground Rules
02:03 Operating Agreement Essentials
02:57 Hiring Family Legally
03:52 Role Clarity Operations
04:33 Sale Prep Paperwork
05:37 Wrap Up
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