DECEMBER 30, 2009

Work with Family?

Sure, some of them drove you crazy over the holidays this year, but there are certain family members you'd trust with your life. What about with your business?

"Running a business with my sister and brother-in-law has been the best experience of my life," says Eva Chen, CEO of Trend Micro, the $1 billion antivirus security company they founded 21 years ago. "I do business with people I trust and know well. In meetings, they can raise an eyebrow, and I know what they're thinking."

Their success secret? Understanding and respecting one another's expertise. "Jenny was great with HR. I'm good at creating new things and working with engineers. And Steve managed sales. Each of us was the decision-maker in that area." While some family entrepreneurs discourage it, the Chens like mixing business and family talk. "So many business decisions and product ideas come out of our annual family Christmas vacations. That makes it more enjoyable."

So how can relatives work together peacefully?

Scribd, SmallBizPod and TMC.net offer strategies for creating a thriving business and family – such as an organizational chart based on titles, not names.

Twenty percent of family businesses report weekly conflict (and another 20 percent monthly). The Family Business Institute, BusinessWeek and AllBusiness.com provide resolution tips.

Want more? Check out Family Business on the Couch: A Psychological Perspective.

Bonus PINK Link: Here's why Chen pretended to be a secretary to close deals.

Minute Mentor Video: Corset Personal Styling founders share what it's like working with your sister.