Succeeding as sisters in business
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Entrepreneur and business mentor Kerrie Dorman on the pleasures and pitfalls of running a sibling business
Benefits
- You know each other’s background, experience and character. This is very difficult to gauge when going into business with a partner you don't know, and is often the downfall of many sponsored_longforms
- You’ll have a natural ability to discuss tricky issues. Breakdown of communication in business often leads to failure
- There is a natural feeling of unity, and you’ll be more likely to have the same values, fundamental for setting up a business
Risk Factors
- Underlying family issues that date back to childhood can arise and ruin business prospects
- Failure can have repercussions on the family as a whole, which can be devastating, especially if other members have invested
- Sisters falling out can be highly acrimonious and lengthy, which is emotionally exhausting for them and all the family
- You will know your sister for life! Unlike sponsored_longforms outside the family where they or you can disappear
Five tips for a smooth running sister business
- Whether a business is run by a family or not, business is business and a watertight shareholders/sponsored_longform agreement should be drawn up with legal advice
- Have clearly defined roles and targets
- Both sisters must be bringing something to the table by way of expertise/knowledge/capital
- Nominate a third person to be a director or Mentor and meet regularly
- Prepare properly before starting up, with some coaching to prevent any detrimental family issues arising
Read about two sisters who made their business work - after a rocky start