As FranNet consultants with decades of experience, we definitely have an opinion on the level of involvement family must or should have in business decisions. And while plenty of empirical evidence can be found to delineate both advantages and disadvantages to working with family, we’re here today to focus on the key benefits of obtaining that all important “buy-in” from your significant other.
Investigating the opportunity of buying a franchised business is an important decision. At FranNet, we stress that this decision can’t be taken lightly as, often times, it’s a life-changing event. We want our clients to be as prepared and supportive as possible. And while looking into business ownership, we urge families to embark upon the necessary steps with the full support of your partner.
Perhaps you have experienced a buyers’ regret or shoppers’ remorse with something as simple as a pair of expensive jeans. Maybe it was a gas grill for the patio—or perhaps even something as important as a second car. The more expensive your purchase, the more you’d like to share in the input with your significant other. Otherwise, one part of the partnership may be excited about getting that brand new mini-van, while the other becomes less than enthusiastic—maybe even to the point of being resentful. That can’t happen when it comes to owning a business together. It will raise too many issues along the way and may torpedo your chance for success on down the road.
That’s why at FranNet, we encourage you to bring your significant other to every meeting with our consultants. That way, the spouse hears all of the questions, all of the feedback and all of the suggested answers provided by our professional FranNet consultants. Trust us when we say, you’re going to want the security that comes with the joint understanding of the buy-in on a new business or franchise. There’s simply too much at risk if you take a cavalier approach.
Keep in mind that business can be tough and there are no guarantees. As a business or franchise owner, you’ll have good days—and you’ll have bad days. But we want you to enjoy the full support of your spouse when it comes to the latter. And this isn’t the only benefit we’re talking about. Because family members have an innate understanding of each other’s strengths and weaknesses, it becomes a simpler equation to modify roles and adjust to accommodate putting your best foot forward. Many companies like to say that they operate like a family, but there is no substitute for the real thing.
You’ve no doubt heard the phrase, “…the family that plays together, stays together.” We at FranNet echo this sentiment and certainly believe there are applicable benefits to all of the advantages of full partner involvement and entrepreneurship.
This article was originally published by FranNet
Published: February 24, 2014
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