7. Personality Conflict – Owners enter into business relationships as friends or at least not as enemies. They perceive by joining forces they can create a successful business to support themselves and their families. Hopefully, these business owners have vetted each other enough to understand what to expect going into the relationship. Have they spent enough time together in discussing and hashing out their business plan? Can the business owners accept who each of them is and the personalities the other owners bring to the table? Don’t jump into business together too fast. But if conflict does arise because of personality traits, consider not only an open discussion but the possibility of seeking counseling from business psychologists or relationship advisors specializing in business.

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6. Family Issues Are Not Business Issues – Closely held businesses are oftentimes held only by family members or if not, by a mixture of family members and others. Personality conflicts or intra-family disputes at the dinner table should not spill into the board room. Check sibling rivalry, parent/child issues, in-law problems, extended family concerns or other family conflict at the door.

This post is part of an 8 post series.

5. Do Not Take Advantage of Your Position – A person or a faction of people that can control certain aspects of the business or the business itself may be in a position to take advantage of the situation for themselves. This may leave financial rewards going to one person or faction discriminating against another. Remember the golden rule. And, always be fair, honest and reasonable with your fellow owners. By keeping the best interest of the company and your fellow owners at the forefront of your decision making you will not be taking advantage of your position.

This post is part of an 8 post series.