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10 Things to Consider Before Joining the Family Business

So you think you want to join the family business? Consider these 10 things before making such an important decision.
Dave Specht, NewsOK (syndication) Modified: June 20, 2014 at 11:28 pm •  Published: July 16, 2014

10 Things to Consider Before Joining the Family Business

1. What your salary will be before moving your wife and five kids back to your hometown. Dad may say something like this, "There's plenty of work to do. Come on home and we'll figure it out."

2. You may spend 25 years building the family business only to learn that you have to share ownership with all of your siblings; none of whom work in the business.

3. Your dad may live to age 100 and you may actually inherit the business 15 years AFTER you retire.

4. You will be compared to your father and never really be able to live outside his shadow.

5. Your family may have the “opportunity” to repurchase your own business thanks to a lack of estate tax planning and Uncle Sam wanting his portion upon your parent’s death. This is when you think, “Dad, I guess we should have listened to that life insurance salesman after all.”

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