If you have children in college, hiring them straight out of college into the family business could be a big mistake, even if they’re fabulous contributors and even though the economy stinks, says entrepreneur Allen Fishman, author of 9 Elements of Family Business Success.
Here’s Fishman’s reasoning, according to a recent Inc. report:
1. They’d miss out on the chance to succeed on their own. They’ll always wonder if they really needed your help to make it.
2. Working somewhere else gives them different skills and exposures. For instance, large corporations provide excellent, expensive training that small companies can’t afford.
3. Outside experience will give your kid some credibility with your employees, who will have to admit that “at least he’s been running a nice budget somewhere else for a few years.”
4. If your business goes under, you’ll be taking your family with you.
5. If you’re afraid your kid may never join your business, so what? All parents want their children to live their own lives and be happy, and if they do it on their own, good for them.
Like what you've read? ...Republish it and share great business tips!
Attention: Readers, Publishers, Editors, Bloggers, Media, Webmasters and more...
We believe great content should be read and passed around. After all, knowledge IS power. And good business can become great with the right information at their fingertips. If you'd like to share any of the insightful articles on BusinessManagementDaily.com, you may republish or syndicate it without charge.
The only thing we ask is that you keep the article exactly as it was written and formatted. You also need to include an attribution statement and link to the article.
" This information is proudly provided by Business Management Daily.com: http://www.businessmanagementdaily.com/10251/think-twice-before-hiring-your-kids-right-out-of-college "
- Worried candidate is too volatile to promote? Reason enough to give the job to someone else
- Check your hiring practices! EEOC takes aim at systemic bias
- Bosses, staff atwitter about social networking sites
- Gain retention tips by querying the 'ones who got away'
- Your dollars at risk: 6 ways to protect yourself from personal liability