“It’s all in the family yaar”. Family businesses in India have their roots in the village economy where a libido driven father with his eight to ten sons (daughters didn’t count) lived off his farm stayed together in a strongly controlled hierarchy. And how can I dare miss out on names like the Ambanis, the Tatas, Birlas, Modi’s, Dalmia’s who have become global power houses with each of the family members enjoying huge amounts of fortune.

Separate work time and family time

When you eat with the same people you share the board room with its often hard not to make the dinner table an extension of the inconclusive board meeting that you had in office. This is something that should be avoided as much as possible. Though other members will always understand that “business comes first” but it’s up to you to make family the strong second. So after the work hours, try not to discuss business matters while at home.

Treat everyone equally

One of most important policies in family run businesses is to treat all employees equally. Though it’s all too natural to give a privileged status to the family members working in organisations, nothing can possibly be more destructive than this. Moreover, in a healthy corporate environment every qualified employee should have an equal opportunity to rise to a management or leadership role.

Let people leave

There will always come a time when some family members will start feeling the need to switch careers and take up something different. So when such a time comes you should be able to see beyond your family. If a decision has been made respect it and and allow that person the right to live and work as he sees fit. DO NOT force them to stay on, because by doing this you would be risking both your personal and professional relationship with that person.

Don't abuse power

Often due to preordained family roles, business heads (who are often family heads as well) tend to become dictatorial and think it necessary to always have the last word and the last laugh. This leads to abuse of power and can lead to disharmony in both business and family life. In a worst-case situation, an overbearing head can provoke other family members and incite self seeking business decisions that prove to be ruinous in the long run.

Like all jobs, operating or working in a family business has its equal share of advantages and challenges. But the success of your business will depend on your success at maintaining a closely knit family unit.