Jaqui Fairfax is the chair of CUB, a family-run energy consultancy
Look on disagreements with family as though they were with non-family members: I'm sure now and again everyone has a disagreement with a work colleague. A disagreement at work with a family member has to be looked upon in just the same way and resolved with the same respect you would accord a non-family member. It's hard at first but practice makes perfect.
Here's how I recently transferred the control of our business to my son:
• I ensured all other family members in the business were in agreement about Louis taking control.
• We agreed the date that the transfer would take place so we had a timeframe to work to.
• I made a comprehensive list of everything I did and everything that only I knew.
• We set out a training plan to pass the knowledge and skills over from me to Louis.
• We let everyone in the business know what was planned.
• Gradually I let Louis take over my day-to-day tasks until he was ready to take it all.
• I announced the change to the staff to let them all know I was 100% behind Louis taking over.
• Now the hard bit is sitting back and not interfering!
Olga Nuryaeva is the co-founder of Lenstore.co.uk, an online contact lens retailer
For a husband-and-wife team, make sure your skills complement each other: Mitesh and I have very different skills. He's a great communicator and a fantastic manager. His enthusiasm is infectious. I have an analytical mindset and like to think things through. I love difficult problems. We have a great deal of respect for each other's strengths and so are able to work together without getting on the other person's patch.
The best thing about working with my husband: I think having a trusted adviser, whose interests are perfectly aligned to mine, was invaluable. The early days of starting and running a business can be a lonely experience, and it's great to be able to share it with someone.
Lucy Tarallo-Fox is the director at La Bottega Fine Foods, an online Italian delicatessen
Separate work and home time: Something my father and I have learned is that we should leave business discussions for the workplace. Talking about the marketing budget over a family dinner is, in my opinion, a terrible idea.
It's important to draw a clear line between social or family time and professional time. It takes a bit of discipline to start with, as at the start of the business you want to talk about it all the time – and in some cases you do need to be fully consumed by your new project. However, as you start to settle down into your new business try to be as disciplined as possible. Have clear clocking-on and clocking-off times, and clearly defined roles.
Norma Stewart is a partner and family business specialist at Wellers Accountants
How can you prepare when going into business with a family member? There are a number of things that you can consider, outside of the usual business plans and so on, that will help to ensure you're prepared for the unique dynamic posed by a family business structure. The first thing to consider is, why you are choosing to be in business together? What is it that makes you both tick and want to take this challenge on? Then go on to think about who will be responsible for what as the business develops and what will happen when (and not if) conflict arises? Tackling such questions early on – and getting both of your thoughts down on paper – will facilitate conversation and work to form the internal governance procedures of your business. This will certainly help keep a perspective on things when the heat is on.
Jess Ratty is the director at The Cornwall Camper Company, a VW camper hire company
Learn to value your partner's contribution: Always be respectful of your partner's decisions. My partner Ben and I have talents in different areas and I have to always remember that he might know best on some things – and the same goes for him. On the other hand, sometimes he comes out with a massively insightful marketing comment that I would have missed and I benefit hugely from his outside perspective, as much as I sometimes like to think I am always right in that aspect. It's probably the biggest lesson I have learned while working with him – just because communications is not his trade does not mean his opinion is not as valuable, if not more so, than mine.
Understanding your colleague is easier if you know them: For me it's about understanding the outside pressures. It's easy to not understand why a work colleague is having a bad day. But when it's your partner it's much easier as they are often the same pressures and we have to work together to find solutions.
Michael Michaelson is the managing director at Family Business Consulting
Here are my top tips for families going into business together:
• Set very clear and defined boundaries between home and business life.
• Ensure that your roles in the business are well defined.
• Agree how much time each of you will allocate to the business.
• Ensure there is complete transparency.
• Try to be as objective as possible with all decisions that you make (don't get personal).
• What's very important in a case like this that you spend time away from the business enjoying yourselves and not discussing business issues.
The opinions provided by the experts in this Q&A are for information purposes only. We do not accept responsibility for any advice given and cannot guarantee its accuracy. The opinions expressed by the experts are not intended to constitute legal or other professional advice, and should not be relied on, or treated as a substitute for specific advice relevant to particular circumstances.
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