If the idea of working with your family and running a small business is appealing there is no better solution than creating a family-operated small business. Combining family and business can be extremely successful, and the effort and challenges can lead to strong families.

Some of the advantages of going into business with family members include a thorough understanding of each other's strengths and weaknesses, sharing a core set of beliefs, and controlling your own family's destiny. "When the idea of starting my own business came up and I went looking for a partner, I went for the best guy I could find—my brother," says Coast Real Estate CEO Tom Hoban. "The ability to trust each other implicitly and the shared values of caring for our employees and customers that is an unspoken reality is really a powerful competitive advantage for us."

However, running a family business does present a special set of challenges. As with any business, each business partner's roles should be clearly defined. This is even more important in a family business as disagreements and conflict at work can spill over and cause tension at home. Disagreements about the direction the business should take and other problems can quickly become personal.

A family business can also impede on family time, which makes it important to establish clear boundaries between when it is acceptable to be working and when it is time to spend time with the family. A good solution is establish a "no shop talk" rule that applies during certain hours or when the entire family is participating in activities. The key thing to remember is that your family may not always be in business together, but you will always be a family.

"Tips for Success When Starting a Family Business"

Daily Herald (UT) (07/21/08) Sisneros, Pat; Munoz, Lynne