Working in the family business?

[girlfriend44]

Did anyone not have to worry about looking for a job because they have worked in, or taken on the family business?
If so did you feel lucky that you didn't have to go through the motions or finding a job and all that, that entails.
Someone I know has worked in his dad's business for years and now taken it over, as his dad's retired.
The business has done quite well too over the years.
Is it an advantage to be in this position, when other people are looking for jobs etc?

Sounds like my worst nightmare tbh.

I have a few friends who's parents have assumed they will follow them into the family line of work, and it's a huge fight to be able to do what you want.

Even if you do work in the family business it seems you get a lot of judgement/talked down to a lot. Might be worth it if you're talking running companies with millions in revenue (and you really like money) but I think for the most part, there's more issues than not.

My family owned several businesses, various uncles and cousins would have employed me without a instance thought.
I avoided that. The arguments, the expectations to work excessive hours without extra pay.

The fact that a couple of mates were let go by family without any warning...one just a week after taking out his first mortgage.

All put me right off the idea. When I started my own business at 40 they were very helpful and gave great advice.

Do they not have to stick to employment rules though like minimum wage and sick and holiday pay though?

I co-own and run a small business, with a family member. Previously I worked in a similar professional role, but an unrelated industry, for 10 yrs prior to coming into the family business, which was meant to be a temporary role to help out.

We have proper contracts & use an independent accountant to run a proper payroll, therefore pension & dividends etc. I probably earn slightly below market, but have a lot of flexibility and the advantages of share options.

We try to be very respectful in work, and make sure non-family employees are not kept out of the loop. We don't use kinship names in emails for example.

We do slip into talking about work during family times. we do have probably more robust conversations than normal colleagues, especially if I feel my ideas are dismissed or opinion not heard. We have different, very specific areas of specialism which I think helps, we try to stay in our own lane. On the whole we are very respectful, especially as a professional services company.

I am very conscious not to been seen to be taking the piss, for example- all my expenses are double checked & I put in a holiday form. I have heard horror stories where families have been torn apart due to businesses going wrong, or one family member feeling more entitled.