Working with members of your family can have its advantages. Bringing adult children in to learn the business can help you prepare for succession, and working with a spouse allows you to spend more time together than most working couples. But sharing the office with members of your family can also create challenges.

Working with family members can put your work/life balance at risk, says Heather Percy, owner of Percy Emtage and Associates in Toronto. “Even during your spare time,” she says, “you may find yourself talking about business.”

Here are some ways you can find balance without creating a family feud:

> Separate work time and family time
Make clear rules about when it’s appropriate to talk about business with the family member — and when it’s not. “During office hours it’s all about business,” Percy says. “But outside of that, when you’re with a spouse or a child, make sure you schedule more relaxed time and set a boundary that you do not talk about business.”

Similarly, don’t let family issues or tensions creep into office life, says Sandra Foster, president of Toronto-based Headspring Consulting. “It’s the whole idea that business is business,” she says, “and you run it professionally.”

> Work as a team
To ensure a balanced business relationship, be upfront and clear about the objectives of your business. “Set goals together annually,” Percy says, “and make a business plan.”

Review your plan every quarter — or, at least, annually — to ensure the business and partnership remain on track, Percy adds. A third party, such as a coach or consultant, might be useful to give a more objective opinion on the partnership. Even an “annual check-up” buy a coach can be helpful, Percy says.

> Let them learn
When you bring a family member into the business, allow sufficient time for them newcomer to learn their new role — particularly if it’s a child entering the business as a part of a succession plan. Even if the family member has worked in financial services, Foster says, they may not be familiar with all the responsibilities of an advisor.

“Don’t assume they know everything, and make sure they’re given the opportunity to learn,” Foster says. “Going through that learning curve is an investment in the business.”

> Give them space
If you’re working with one of your children, try to leave the “helicopter parent” instincts at home. “Give them the opportunity to grow within the business and earn more as appropriate,” Foster says. “Let them do their job when they’re doing well. Have meetings with them regarding mutual clients, but don’t hover.”

> Avoid family tension
Consider other family members when you bring a child or other relative into your practice. Siblings may feel they are being left out of an inheritance. If that is a concern, look into estate-equalization planning to ensure the assets will be distributed fairly, Foster says.

IE