Starting a family business can be an exciting venture, but it often comes with its own set of challenges. In this episode, business coach and author Andy O'Brien shared his insights on the complexities of running a family business and the importance of having a solid foundation to avoid common pitfalls.

One of the first mistakes families make when starting a business together is neglecting to create an operational agreement. This document outlines each person's responsibilities and provides a reference point in case of disputes. Many families believe they can avoid conflicts simply because they are family, but this often leads to misunderstandings and resentment.

Lots of people are considering starting businesses with family or friends. If you want to succeed, you must have a clear plan in place. This includes not only an operational agreement but also a comprehensive business plan that goes beyond casual discussions at family gatherings.

As families consider starting businesses together, Andy’s advice is clear—get the foundational documents in place from the beginning. This includes operational agreements, exit strategies, and a solid business plan. By doing so, families can set themselves up for success and avoid common pitfalls that lead to conflict and failure.

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