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.
- When same manager hires and fires, it's unlikely to be discrimination
- Retain notes on salary negotiations to protect against pay discrimination claims
- To cut turnover, give applicants a realistic view of job
- Weed out applicants with 'silver bullet' interview question
- Avoid 4 pitfalls when you're choosing a headhunter