November 11, 2020
Here's a 1 1/2 minute preview of Ricci Victorio. Give it a listen and share it with your friends, and if you like the content be sure and listen to the full 20 minute interview!
Bill: How do you deal with the issues of bringing family members into your family business? Here's expert Ricci Victorio.
Ricci: I love being brought in when a family has a business that they care about and they've got kids who are in high school or college. Maybe they've worked there in their summers in between school breaks, but the kids are getting ready to step into their careers or start preparing for them. An ideal way to bring family members into a business is, they grow up with it so they understand your values and they see your work ethic and they understand why this business is important to you. So what I like to do is, we set up a family member employment policy, and it doesn't matter what age your kids are, they could be very young, and they can also be into their 20s and 30s, but the earlier you start so kids grow up knowing the employment says, if I want to work at this businesses, I need to have X, Y, and Z experience and education and skill sets. If I want to own it or run it, that might be a higher bar that's says, well you're gonna need an MBA because the world is different now. To run this business now, it's 3 times the size it was when it was mom and dad and we did it in a garage. So, recognizing entry requirements to run a business are changing and evolving. So, setting a family member employment policy creates a standard that all the kids or all family members understand, this is what's required, and that may thin out some family members who don't have an interest.
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