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Education

StreetSmarts SM

Lear n. Connect. E ngage.
Learn. Connect. Engage.

W
With Natasa Cvijanovic
ith N
vic
atasa Cvijano

Should business be a family affair?

By Natasa Cvijanovic as you would a potential partner you've just met. Can
Tesla Payments their skills help your business? If an individual appears
to be an ideal business partner, being related to or friends
I QUIT" was the text message I received in all with them should not prevent you from working together.
capital letters from my most recent employee after
only three days on the job. She was rehired fol- While I cannot tell you whether you should go into
" lowing her "aha!" moment, which was probably business with a relative or friend, I can share suggestions
prompted by a less prestigious position with a different that have helped protect relationships and ensure
employer. You must be wondering, "What type of busi- business success for many partnerships in our industry.
ness does she run?" Consider, for instance, prevention versus retention. One
requires less time and stress than the other, so it is critical
In my first Street Smarts article, I mentioned that my to establish ground rules for your business before a rift
SM
husband and I run a family-owned ISO. It is only natural develops.
that our children are involved in our business. The younger
one handles the mail, scans and files documents, and Most couples don't marry simply because they enjoy
provides general assistance to other office employees; the spending time together, and the same goes for business
older one handles receptionist duties, data entry, inventory partnerships. Just because you share the same favorite
control, proofreading marketing communications, and movie or food doesn't guarantee you will agree on how to
other routine day-to-day tasks. And, yes, we rehired the run your company. If you and your partner don't share the
employee who quit via text message only because she same business objectives, the fact that you trust him or
shares our last name. her more than any other potential partner probably won't
be enough to ensure success—and working together may
Many of my industry colleagues also run some of the even ruin your relationship.
most successful ISOs and merchant services companies
with their family or friends. You may have thought about Personal and professional success are built on the same
forming a business partnership with your spouse, relative basic principles, so don't take communication for granted
or close friend, but maybe you're not sure if it's a good or assume you and your business partner are on the same
idea. page simply because you know each other well. Even
though you may be intimately familiar with each other,
Evaluate with clear eyes you must communicate frequently and clearly about
everything, especially difficult business matters. When
Nobody can tell you whether it is indeed a good idea. You running a business (or at any time) ignorance is never
have no choice but to evaluate a family member or friend bliss.

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