Turning Your Business Into A Family Business

#79. Starting with the story of today's spotlight entrepreneur Franklin Clarence Mars, founder of the chocolate candy company Mars Incorporated, Sevana and Tiffany talk about the complicated dynamics of doing business with family.

Topics in today's episode includes:

- How to get your kids involved in the business and when

- How to pay our kids through your business

- What are proven ways to work with family, especially if you plan to have your kids inherit your business

CORRECTION NOTICE:

In this episode, we mistakenly believed that "smarties" are the chalky tablet-like candy in the those tubular clear wrapping that we grew up eating in the US. Well, on the other side of the river, in the UK, "smarties" are a type of candy that closely resembles M&Ms, which is what Franklin Mars saw in our story and was inspired by to create M&Ms in the US.

Same name, different candy. Our bad.

References:

Gary Vee: Should you go into your family business?

https://www.youtube.com/watch?v=QkHKxyvVqsg

BuildWitt/Jocko Willink:  How to take over the family business - https://youtu.be/PysHDg935zM?si=5dMP00Ka1E3UUxqq

For more on the Mars' family business:

https://www.madeinchicagomuseum.com/single-post/mars-inc/

https://www.mars.com/about/history

https://en.wikipedia.org/wiki/Franklin_Clarence_Mars

"Keeping the Family Business Healthy: How to Plan for Continuing Growth, Profitability, and Family Leadership" by John L. Ward:

• This book offers strategies for ensuring the long-term success and continuity of family businesses.

"Family Business Succession: The Final Test of Greatness" by Craig E. Aronoff, Stephen L. McClure, and John L. Ward:

• Focuses on the challenges and best practices in family business succession planning.

"Succession: Are You Ready?" by Marshall Goldsmith:

• Provides practical advice on preparing for and managing the succession process.
  

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Disclaimer - Details of today’s story was inspired by true events but are not based on proven facts. Also, we are NOT licensed financial experts, nor do we give financial advice. Anything we share with you here on our podcast, whether it be a personal experience or submission, or advice/tips that have worked for us, or that we believe would work for you should not be viewed as either financial, business, or tax advi