Professor Stan Mandel Recommends Questions to Ask Before Joining an In-Law’s Business

3.9.2012 Article, Faculty News, General

Help Wanted: Expert advice on your questions
Reposted from Charlotte Business Journal

My in-laws have asked me to join their business. What should I consider before making a decision?

Stanley Mandel, director, Angell Center for Entrepreneurship Schools of Business, Wake Forest University:

Consider these questions: Is there a future? Can I do the job? Can I work with my in-laws? What are my alternatives?

Also, what does my spouse think? What will my role and status be with respect to other family members?

Is this a business and position that I really want to pursue, regardless of the family connection?

Is ownership an issue? Is there an independent governance structure? How is conflict dealt with within the business?