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Entrechan
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ILS_GUy, post: 245501, member: 93348 wrote:
Sounds to me like you should set up your business as a “Division of” the family business.
That way you can still take advantage of the family reputation, and if you do your job properly, will enhance the family reputation, ie broaden the skills of the family business.
Of course theres the risk you could damage each other as well, but in a family situation this is probably less likely.
Whatever you do, you need to make sure it is agreed and in writing before you drift into an unplanned arrangement. The family business still needs to know what time and effort you will be making available to it, and you need to be clear when work is for your side of the business and not the family side.
You cant be being paid by the family business to be on site and perform some duty at the same time you are performing your own work.
Nothing tears apart families more than disagreements over money.

I like your feeeback, thanks, I will look into a division. Do you know much about divisions? Obviously ownership remains with the original company and the family?

I’m aiming to not have to run this venture with ‘the family’ that’s probably my main objective. It’s a big family.
In terms of wage loss from the current family business, they will receive a cut that will cover all that and then some. I need to stay with them because I have a responsibility to them, but at the same time I really want to peruse my own dreams. I just need to get my head around how to set up this new venture.