Perks Of Joining the Family Business

For some families, going into the family business is a no-brainer. It's what grandpa did, dad followed suit, and now it's time for the next generation to follow in the footsteps paved before them.

Joining the family business has its attributes whether or not you're gung-ho on the idea. If you're an eager beaver geared up to partner with your relatives in business or you're not quite sure the family business is the right decision for your future, these perks will reaffirm or convince you that joining the family business is a smart choice. Get ready to hum, "We Are Family" on your way to work every day!

Trust

If you can't trust your family, who can you trust? In scenarios where you need someone to give you the no-nonsense low-down on a delicate situation or you need to run an idea past someone who's a straight-shooter, family members are the folks who you can count on.

As per American Express, "Trust is essential in all business, but especially so in a business where trade secrets are make-or-break. There's a very high level of trust among family members and they can talk to each other very freely and openly."

Trust is also of value when it comes to money matters. You can be sure you're being paid fairly and on par with what other family members earned in the role you've taken on. And performance will be truthfully reviewed and discussed with the goal to keep you going strong for yourself and the good of the business.

Tradition

There's something to be said about carrying on a family tradition. Thanksgiving gatherings at Aunt Suzy's and yearly trips to the lake at the state park are lovely and something to remember fondly, but becoming a vital part of a generations' old family business takes tradition to a greater and more powerful level.


Value Walk notes, "By working in the family business and taking it over one day, you have a unique bond with your relatives. It can deepen both your relationships and your roots in your community. You can have a real stake in the company's future, both emotionally and financially. The pride you have in working for a firm founded by your family can be motivating, and, when you have the opportunity to improve that business and make decisions that move it safely into the future, it can be very gratifying."

This feeling of tradition will make every business decision you make all the more important because your family is counting on your strength and solid commitment. It may feel like extra pressure, but it's really a deep-rooted drive to do your very best every day.

Loyalty

Unlike working for a large corporation or some other company which you may not have deep ties to, working for a family business is one of the greatest acts of loyalty you can make, as is the commitment you'll have for the business itself.

"Family-owned businesses are theoretically ideal because family members form a grounded and loyal foundation for the company and because family members will often exhibit more dedication to their common goals. Having a certain level of intimacy among the owners of a business can help bring about familiarity with the company and having family members around provides a built-in support system that should ensure teamwork and solidarity," says Chron Small Business.

Knowing those you work with are willing to go above and beyond to sacrifice for the sake of the family will be motivational and contagious. The commitment is not only to the business, but to the members of the family as well. This type of devotion helps make businesses succeed both monetarily and by achieving a positive reputation among customers, clients, and the community.

Flexibility

Working for a family business can be advantageous when it comes to give and take in the workplace. If you need to work from home, show up a little later than usual, or swap tasks with a peer, families tend to give the OK more readily than other companies might. This can vastly improve your work/life balance as well as your overall workplace satisfaction.

According to Chron Small Business, "Families tend to be more lenient and forgiving when it comes to work schedules, work-related decisions and judgments, and even mistakes." And Vistage adds, "You won't hear, 'Sorry, but that's not in my job description' in a family business. Family members are willing to wear several different hats and to take on tasks outside of their formal jobs in order to ensure the success of the company."

Flexibility also results in a more relaxed work environment leading to less stress and more time for creative thinking and collaboration. What else could be more valuable towards taking a business to new heights?


You can be part of the family business with pride and productivity. Your fierce commitment and solidarity with your co-workers will reassure you that working for the family business is a smart and satisfying choice.

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What do you do when financial hardship hits and you can't make your monthly mortgage payments? This is a question on many homeowner's minds as nearly 17.8 million Americans are reportedly unemployed during the coronavirus pandemic.

When homeowners face financial hardship, such as the loss of a job, they often look to obtain a forbearance agreement from their lender. A forbearance happens when your lender grants you a temporary pause or reduction in monthly payments on your mortgage. Forbearance is not the same as payment forgiveness, in that you still have to pay the entire amount back by an agreed-upon time.

Mortgage lending institutions differ on their mortgage relief policies and qualifications; however, the Coronavirus Aid, Relief, and Economic Security (CARES) Act were signed into law in late March of this year to protect government-backed mortgages.

Federally backed mortgages include:

  • Fannie Mae
  • Freddie Mac
  • The Federal Housing Administration (FHA)
  • The US Department of Veteran Affairs (VA)
  • The US Department of Agriculture (USDA)

Under the CARES Act, homeowners with a federally backed loan who either directly or indirectly suffer financial hardship due to coronavirus automatically qualify for mortgage forbearance.

Even if your mortgage is not secured by one of these agencies, you still can call and see if you qualify, as many lenders will still offer the option in order to avoid foreclosures.

Under the CARES act, homeowners can claim mortgage forbearance due to financial hardship from COVID-19 for up to 12 months without requiring any documentation or verification. During the forbearance period, mortgage lenders cannot charge late fees or penalties.

Additionally, as long as your mortgage is current at the time you claim forbearance, the lender is required to keep reporting your mortgage as paid current throughout the entire period.

At the end of the forbearance, the CARES act protects consumers from having to make a lump sum payment. Instead, you will be given a repayment plan from your provider. Since repayment options vary, it's important you ask your provider about all of your repayment options.

Possible Repayment Options:

You may be eligible for a loan modification at the end of your forbearance. With modification, the mortgage terms are changed in order to add payments that were missed during the forbearance onto the end of the loan, extending the term.

Another option that may work for some is a reduced payment option. This allows you to keep paying monthly payments at a reduced amount. The amount missed is usually added back into the monthly payments at the end of the forbearance.

For example:

Regular payment: $1000 per month

Reduced payment: $500 per month

Payment after forbearance period: $1500 (until caught up)

Balloon payments, or lump sum payments at the end of the forbearance, are prohibited under the CARES Act. However, mortgage lenders may require homeowners who are not protected under the CARES Act to make a balloon payment at the end, so again it is best to check first with your provider.

Mortgage forbearance should only be considered in true financial hardship. In other words, just because of the pandemic, you should not take a forbearance on your mortgage if you can still afford your payments. Likewise, if you are able to start making payments before the forbearance period is up, it's best to do so as soon as possible.

The Next Steps:

Before you get in touch with your mortgage servicer, save time by gathering as much documentation about the mortgage as you can. Also, be ready to list your income and monthly expenses. Due to an influx in calls, financial institutions are experiencing extremely long wait times right now, and having your information at the ready will help.

Have questions ready to ask. Here are some questions you should be asking:

  • What fees are associated with the forbearance?
  • What are all the repayment options available to you at the end of the forbearance?
  • Will you be charged interest during the forbearance period?

If your forbearance is approved, make sure to keep all documentation pertaining to it. Make sure to cancel any automatic payments to the mortgage during the forbearance period, and keep tabs on your credit report to make sure your lender doesn't report the loan as unpaid.


For more information on forbearance, contact your lender and discuss your options. If you need more assistance with understanding your options, you can contact a local agent for the housing counseling agency, or call their hotline at 1-800-569-4287.
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