Family Business Tips
Last week we discussed the firing of Paul Tueutul, Jr., and ongoing business divorce at Orange County Choppers. This dispute between Jr. and his father, Paul Tueutul, Sr., has many of the issues that arise in a business divorce, as well as the complexity and dynamics that business divorce can take when two principals are family members.
Below are a few tips we have collected from people involved in business relationships with family members:
- Treat everyone as business partners — strive to keep family issues outside the office;
- Learn to listen to everyone’s ideas — they may be better than yours — if you can’t, you should not be together;
- Never let money become an issue;
- Don’t let non participating spouse’s views get into the mix
- Treat everyone with respect — if you can’t, you will fail;
- Everyone has to know their role prior day;
- Everyone has to be flexible;
- Egos have to be put in check;
- Communication is key; and
- Older guy has to recognize that the younger guy can’t help but be stupid from time to time.