Here at Alexander & Co, we often work with established and emerging family businesses, helping them to streamline and get control of their finances. Running a family business comes with the regular ups and downs of running your own business, but it also comes with a number of ‘unique’ problems that only come from working closely with your family.
Over the years, we’ve seen family businesses become a central part of some of the biggest TV shows on our screens and although they are an exaggerated version, there are still plenty family businesses can learn from them.
What can TV’s family businesses teach us?
We’ve taken a look at 3 of the biggest TV family businesses to see if we could pinpoint some of the biggest mistakes these businesses have made over the course of their shows and what realistic tips you can take from them.
The biggest issue we noticed was communication, communication between family members can be one of the hardest parts to get right, as you have both a formal and informal relationship with your business partners.
Good communication is extremely important when it comes to running a successful business and not establishing this straight away can cause a number of different issues.
The other recurring theme is money management. This, mixed with a lack of communication, can not only cause disagreements within your family business, but it can also put the business itself at risk.
Hiring a trusted accountant to help you with your family business accounts can make a huge difference, helping to relieve some of the pressure and stress, creating a much more hospitable and prosperous family business.
To give you a better idea of what NOT to do when running your family business, take a look at our infographic below! Featuring fumbles and mistakes from the Peaky Blinders, Arrested Development and The Sopranos!
If you want to make sure you’re doing everything for your family business, why not get in touch with us and we can put you in contact with one of our experienced family business accountants!