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Should I Join our Family Business?

Full Question:

I have recently graduated as an accountant. My parents run a very profitable import/export business, with an annual turnover of approximately $4m. They are clearly expecting me to join them in the business, and have even started talking about `when I join the business, they will begin to travel. Visit relatives they haven’t seen for many years etc’.I really don’t want to settle down into a family business at this stage – but I fear that if I don’t, I will be depriving my parents of an opportunity they deserve. Any advice?
Answer - On entering the family business Harry says:
You’ve raised some very interesting questions about entry into the family business. As with most things associated with family business there’s no single right way of doing this, but there is a ‘best practice’ or recommended approach.
In most cases we come across there is limited thought given to the right way for a young family member to enter the family business system. Sometimes it arises from an immediate need… ‘We’re frantically busy, you have the skills and you’re certainly someone we know we can trust so why don’t you come and join us’, or it might be precipitated if the young family member is at a loose end and the family business is seen as somewhere that they can develop a work ethic.
The first question that you should think about is what do you really want to do with your life? Does the family business form part of your personal vision for the future? Will working there help you on your life’s journey?
If it is then the next step is to initiate a meaningful discussion with your parents. Let them know what you think about joining the business. Find out what their plans are for you. Discuss their desire to travel. As with most issues involving families in business, full, frank and open discussions are the foundation stone to addressing most issues.
If you all agree that joining the family business is right for you, the family and the business the next issue to consider is the timing. Family business best practice suggests that a young family member should start their career outside the family business. This gives them the opportunity to develop their skills outside the hot-house of the family business, establish their place in the world in an arms length environment and learn other skills that they can bring back to their business.
Each family decides its approach to how the next generation should enter the business, however I believe it’s important that you investigate all options before you get too far down the track.
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