Start with the business plan. This will name the owners of the business as well as their specific roles. This will also name the mission statement and goals of the business, how it will be financed, and even how internal issues will be handled. Your business plan should also include a succession plan, which will address two scenarios: (1) if you will pass the business on to another family member or (2) if the business will be sold to a third party who is unrelated to those in the family business. The more details present in your business plan, the less surprises you and your family will experience that can cause bigger issues down the road.
The good news is there is help specifically for those entrepreneurs looking to be family business owners. Hubler for Business Families has been helping families run successful businesses and even more successful families for over 30 years. Before you start your family-owned business, contact them today at (612) 375-0640 to help you develop a plan to keep your business and family successful for years to come.