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Family Business

1.A family member has asked you to go into business with them. This family member has started several successful businesses in the past, but their ethical standards are questionable. Describe the challenges of doing business with a family member, and develop a plan for addressing these challenges, including any potential ethical issues which may arise.

2.What are the advantages and disadvantages of a family business? How can the involvement of a third party resolve conflict in a family business?

3.You have decided to add an addition to your house. Describe the negotiation process that you will use with the contractor you have chosen to complete the renovation.

4.Products and services are marketed in such a way to grab our attention, sometimes using fear to do so, such as identity theft protection company commercials. These practices are sometimes called the dark side of persuasion. Are these practices ethical? Why, or why not?

Your response should be at least 200 words in length. You are required to use at least your textbook as source material for your response. All sources used, including the textbook, must be referenced; paraphrased and quoted material must have accompanying citations.

Solution Preview

1. One of the challenges of doing business with a family member, is that often times family members would think that they deserve special treatment in reference to the business enterprise. In these cases, often family members think that they are entitled to much more leniency in the business partnership, which may make these individuals fail to give 100% and the achievement of business objectives. This within itself will cause a major problem within the business, due to the fact that a business partnership requires that every partner be totally committed to giving 100% in ensuring that business objectives are achieved. These problems are exacerbated if the ethical standards of the business partner or not very high. A plan by which to address these challenges will include drawing up a contract with these individuals which stipulates the duties that will be carried out by each business partner. This contract will also include the stipulation that any breach of duty by either of the parties, or unethical activities by either party will dissolve the business partnership. This will tend to proactively prevent business problems including unethical activities that could potentially occur in the future. It is also pertinent that there be an initial meeting with the family member/business partner, in order to establish that business operations are entirely separate from ...

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