3 questions to ask yourself before leaving your family business

On Behalf of | Jan 7, 2022 | Blog, Business Formation & Planning |

If your family has a successful business, you may have found a job waiting for you when you finished your education. Even if you are happy with your position, you may wonder if you want to devote your entire career to the family business. You may also question whether you desire to take over the business in the future.

The more than 5.5 million family-owned businesses in the U.S. employ roughly 63% of the workforce. Before making the jump from your family business to the corporate world, it is advisable to ask yourself three simple questions.

1. What is your reason for leaving?

From time to time, all workers experience some aggravation about their jobs. While there is certainly nothing wrong with exiting your family business because of ongoing frustration, you may want to identify a positive reason for leaving. Yours may be one or more of the following:

2. Can your continued presence help your family business?

If you are younger than others in the business, you may have some excellent ideas for how to improve business processes. Implementing these ideas may give you greater satisfaction at work. On the other hand, you also may want to consider how your absence may affect the family business.

3. Do you have the option of returning?

Leaving a family business can make dinners and other family gatherings feel awkward. Even if you can get past the family dynamic, exiting the business may close the door on any possible return. Therefore, before walking away, you may want to explore whether you have the option of coming back in the future.

Ultimately, by considering all the advantages and drawbacks of leaving your family business, you can make the decision that best matches your personal and career goals.