10 Reasons To Go Into Business With Your Kids

Raising your kids was a challenge but if you’re like most parents you would never think of trading that experience…not for anything or anyone. Yes, there were good times and bad times, crying and laughter, as well as, friendship and hard parenting but they were times that even today you relish and wish you could find a way to experience again.

You see, you love your kids and you like being around them. You teach them, they teach you and it seems as though it’s just the true nature of life to feel that way. So, why do they have to grow up and leave? Why do they have to become strangers as adults? Well, they don’t. Fact is, one of the most exciting things you can do in your life is to go into business with your kids.

Here are 10 reasons why I think you should go into business with your kids. Some are tongue-in-cheek, some are practical but all are good reasons to work with the most special people in your life…your kids.

1. They’re your kids and you raised smart ones. You taught them patience, honesty, integrity, self-esteem, confidence, work ethic and humility. They stand for what they believe in and they want and accept no less. They have the tenacity and willingness to achieve what they want in life. Can you think of a better partner than that?

2. They are young and energetic. They have more energy than you will ever have again. They have not succumbed to the lie of entitlement; they are hard-working and understand they may have to start at the bottom when they are new to an industry. As your tech-savvy kids join the ranks of your organization, you can make sure that their talents will be put to good use improving the productivity of your business.

3. They will be honest with you, even to a fault. You raised them right and because of that your children will always tell the truth no matter what. You wouldn’t want it any other way. To others they may sometimes be seen as insensitive, but in reality they are simply telling the truth. They know the value in the words “the truth hurts” but because they are family they are never malicious in their delivery of the truth. Honesty is always the best policy, even when it’s your kids.

4. They bring something to the table that you don’t have. Your kids are engaged and they want to make a difference. They like to collaborate. Remember all those school projects? They’ve been collaborating for years. They are conscious leaders. This awareness entails a reflection on self, work, and community. Our kids want to grow as employees, developing their existing skills and learning new ones. They bring to the businesses encouragement, teamwork and professionalism.

5. They have your back. They are your kids and they are there to help you out watch out for and take care of the things you’re likely to miss. They are there for you without complaint, supporting you in your moment of need, not for their own self-gratifying, selfish reasons, but because your well-being to them is foremost in their mind and heart. A family works as a team, supporting each other’s individual aims and aspirations.

6. You understand what you’re getting into with your partner. When you go into business together with your kids you have the advantage of knowing each other’s skill sets, proclivities and interests. Therefore, you can put more parts of each other’s talents and skills to use. When you disagree, you already know how to compromise and you know how to work through issues with your kids. That means you’re already ahead of the game when it comes to successfully running a business. As family, you already learned how to work together from a very early stage.

7. You can help to provide them with a retirement plan. Retirement may be decades away for your kids, but that doesn’t mean it’s too early to start planning for the future. Give your kids a head start in the retirement planning race by setting them up with a custodial Roth IRA. The money in your child’s Roth will have decades to grow, and once they do reach retirement, they’ll be able to make tax-free withdrawals. Even a small contribution now can add up to big bucks in the future, thanks to the power of long-term compounding.

8. You may get a tax break. Tax breaks are one of the biggest reasons many small business owners hire their children. If you own a business and hire your kids to work for you, you can deduct the money you pay them as a business expense. Believe it or not, your children can provide an incredible opportunity to increase your family wealth by decreasing your tax liability. Hey, it’s not always about them!

9. You have a built-in succession plan. OK, it doesn’t always work the way we plan. However, for many business owners, it’s a dream to have their children be involved in the business one day. If you want your family business to be one of the few that survives throughout the generations, preparing your children to take the helm is a given. Luckily, there are many steps you can take to ensure your children are fully ready to assume leadership when the time is right. If all goes well it’s especially gratifying to be able to turn your business over to someone you love, respect and know so well.

10. They are your kids. Spending time with them is irreplaceable. We all live a busy life. By working with your kids, especially once they reach that milestone of moving out, you will never have to look back and say, “I wish I had more time with them.” When they’re young spending time working together during the summer and weekends is a benefit that has no price tag or tax advantage. By the time your child has become an adult, they can become your friend. You want to be able to show your love, and be an ear for their important life decisions, working with them every day gives you that opportunity. What more could a parent ask for?

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ABOUT THE AUTHOR

David Shultz is the author of the book, Hey, Your Puzzle is Missing a Piece and a founder and partner of Market Share Consultants and The Online Kitchen Designer. With over 25 years of sales and marketing experience in the home improvement industry he has learned hundreds of training techniques and created thousands of successful advertising and marketing campaigns.

If you enjoyed this article you might also want to read:

Make Your First Impression Your Best

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10 Tips for Maintaining Balance in Your Busy Life

He also shares many thoughts and ideas in the In-Home & Direct Sales Professionals, Home Improvement Owners, Executives, General Contractors and Professionals and Marketing for Remodeling, Home Improvement and General Contracting Businesses groups on LinkedIn.

For more information about how Market Share Consultants or The Online Kitchen Designer can help you please check out our LinkedIn Company pages.

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