Let your new college grad get experience with another company.
They're smart, they're willing, and they think you will hire them into the family business when they graduate.
Don't do it. That's the advice of Allen Fishman, author of 9 Elements of Family Business Success. If you do, they will always wonder if they could have made it on their own. Now and in the future, they could question their abilities.
If new grads work with another company for a few years, they will get training and gain experience that could help both them and your company in the future.
Interviewed for INC., Fishman says with that knowledge and training, your son or daughter will bring new ideas to your company when you bring them in. Other employees will believe in their capabilities, knowing they were not hired just because they are related to you.
Outside experience has another benefit for the new graduate. If the business ever goes under, he or she will have work experience with a company other than the family business.
Fishman recommends:
* Create a written policy for hiring, reviewing and terminating family member employees.
* Choose a successor and create a succession development plan.
* Ensure good results-driven family communication and dynamics.
* Maintain healthy spousal relations when you work together.
* Recruit and retain talented non-family member employees.
With careful planning, you will reap the benefits of hiring a family member and avoid the pitfalls.
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