FAMILY BUSINESS MEMBERS

WHETHER TO WORK IN THE FAMILY BUSINESS

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Whether your family business was started by your parents or your great-grandparents, you're likely to play out various scenarios in your head when deciding on your career path.

Common options include:

• starting at the family business right out of college, and starting "at the bottom"

• getting advanced degrees and joining the business in management

• working for other firms in related industries and bringing that knowledge back to the family

• agreeing to work in the family business for a period of time until outside management can be hired

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Working with a financial planner can help you plot your entry into or exit from your family business.  These can beemotionally charged decisions, and having an empathetic fiduciary on your side can help you:
 

• put your pay package in context of the marketplace

• show your significant other that you've sought outside advice on the rewards and risks of working with the family

• reflect on whether your personal values and financial goals align with those of the family firm