Maintaining business relationship is hard work

Working with family can be extremely rewarding, but it takes a lot of hard work.

You have to find a healthy balance between managing the different personalities among family members as well as their personal thoughts on how the business should be run. You also have to be able to openly discuss the financial state of the business.

You don't want the business side to jeopardize the personal side of the family relationship, but understanding up front that money is a stressor that needs to be approached with care can help to avoid lot of confrontation and frustration.

My current business partner is my daughter, Lisa, and three words that come to mind when I think of the work we do together are exciting, rewarding and fun. Now to be fair, disheartening and taxing are also words that have been used to describe our journey. The reality is, it's not all fun and games.

All relationships have these highs and lows, and a business relationship is the same as a personal relationship. You have to work harder to keep your business relationship healthy, giving it constant attention.

Through some trial and error, we seem to have found the secret recipe. A business relationship relies on communication, coaching, boundaries and financial management in order to drive and maintain success.

After working together for 10 years we have proved this practice not just once, but twice. Lakeview Wealth Management is our financial services business, where we help our clients attain their financial success and drivers. Our newest venture with fellow adviser and good friend Nancy Knous, helps fellow financial advisers become exceptional CEOs and business owners.

For most family-owned businesses, one of the hardest areas to tackle is financial management. A business requires capital to pay the bills, invest for the future and to generate income. This requires you to ask a lot of questions.

Are all family members on the same page? Can you have the tough conversations about financial expectations? Are you prepared for the next recession? How are family members outside of the business affected by your decisions?

This is where having a solid support team is essential. That includes an accountant, corporate financial adviser and personal adviser, as well as one or multiple attorneys - tax, personal, corporate, etc. You have to know how the business has been set up and identify your options to create the proper financial security. Your financial house needs to be in order.

This is perhaps more important for family businesses because your business is your legacy. Not only have you tied all of your financial success to the same business but you've also hitched your inheritance to it as well. This requires an extra level of due diligence.

Another important facet of the financial plan is retirement planning and benefits which affect you as the owner, as well as your employees. Choosing the right person to manage those assets and ensure you understand the rules around each option is critical in your decision making. Your accountants will help you navigate any tax consequences based on your decisions and overall structure. Staying up-to-date on the ever-changing tax code is key to successful business management.

Understanding the bottom line should never be lost on a business owner. For example, even though we are financial advisers, we utilize outside advisers to look at our business plan, our process and our portfolio. We always want to have an objective view.

Build your network accordingly, ask questions, lots of them and don't be afraid to have financial conversations with your fellow family business partners.

I love working in a family business, but we know we need to ask for help in many areas to make sure we are staying on track and maintaining business health. This eliminates stress and allows us to focus on our clients and enjoy our successes.