Entrepreneurs and Nepotism

Entrepreneurs who have family-owned or single owner businesses sometimes have  family members in the business. These realtionships can take the form of joint ownership, customer-vendor, or employer-employee.

How do you manage these “business” relationships with relatives?

It is often a difficult situation and unless managed carefully, it can be detrimental to your business. While it is easy in theory to stipulate that all such relationships shall be strictly “arms-length,” nepotism can creep in and cause significant issues with other employees, owners, customers or vendors.

While resentment due to nepotism may not always be brought to the surface, Entrepreneurs should be sensitive to nepotism issues in their businesses and manage them carefully.

Ravi Patel

www.patelCFOservices.com

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