Intuit has a great article featuring Henry Hutcheson sharing his wisdom for successfully working with transitions when you’re a family owned business.  Many of the pointers are equally relevant for a business ventured between friends as well.  Below are his six pointers.  Head over to Intuit to read the full article.

  1. Tell each other difficult truths.
  2. Clearly define each family member’s role.
  3. Always keep an eye on the numbers.
  4. Don’t overpay family members.
  5. Don’t hire or promote family members who aren’t qualified.
  6. Remember that transitions don’t happen automatically.