Ties That Bind
Employment contracts could save your business...and your relationships.
Suggest to the senior generation of a family business that
giving employment contracts to family members might be a wise idea,
and you'll run into a minefield of resistance.
"They're not necessary--we love and respect each
other" or "It would run counter to our business's
culture" are typical responses.
It's only after a problem flares up that some families
realize employment contracts would be helpful. "Family
businesses can never have too much communication," says
Jeffrey Wolfson, partner in the Boston law firm Goulston &
Storrs and chair of Northeastern University's Center for Family
Business in Boston. "A document that provides important
information--job and role definition for the family member and
defined expectations and security for the company--can do nothing
but improve communication."
Patricia Schiff Estess writes family business histories and
is the author of two books, Managing Alternative Work
Arrangements (Crisp Publishing) and Money Advice for Your
Successful Remarriage (Betterway Press).
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