Military Credit Services : Family Business Tips

As evidenced by success stories like Military Credit Services, family and business can mix, and with great results.

Brothers John and Link Melley founded Military Credit Services in 2004 – it was their third successful business venture. Later, the two launched a fourth. When family members like the Melley brothers succeed with entrepreneurial endeavors, it’s not luck. It’s careful attention to tips like those below:

• Set Rules. The right rules are necessary in any undertaking, a family business more than most. Family business rules need to exist early on, and be agreed to by all parties. This keeps everyone coordinated, working toward the same goals.

Spend time with a professional, or just with your family, to brainstorm the rules that your business, and loved ones, require to function. Though rules upset some family members, they are in place to prevent exceptions, preserve fairness, avoid disagreements and keep the family (and business) together.

• Nurture Everyone. When working with family, you must nurture all employees, not just your loved ones. Everyone on staff deserves the right to express their goals, rise within a company and progress their careers.

A family business quickly becomes an undesirable employer if all employees are not treated with fairness and nurtured the same way. Family businesses are not excuses to play favorites.

Before jumping into a business like Military Credit Services with family, read tips like those above with everyone who will be involved and don’t rush professional decisions. Furthermore, consider speaking with successful family business owners for a personal discussion on what approach you should take.

Military Credit Services : Top Reasons to Start a Family Business

Military Credit Services, LLC, also known as MCS, is a successful Virginia sales finance business that provides financial solutions to retailer partners. Brothers Leonard (Link) and John Melley founded the company in 2004.

Together, John Melley and Link Melley have founded and run several profitable family businesses. Before Military Credit Services, the family succeeded with two prior ventures. If you and your family are considering starting a family business, reasons like those below could give you the confidence to take the leap:

• For families with children, leaving a legacy is more than a nice idea – it’s a necessity. Not only is a family business a prosperous gift to pass down, but the entrepreneurial spirit that it inspires is a legacy. Parents and family members who demonstrate work ethic inspire their children to follow suit.

For example, when speaking about his family-inspired drive, Link Melley stated “I learned a lot lessons from my father (RIP) . . . the most valuable was the importance of work ethic.” Link continued, saying “At the early age of 7, he directed me to ‘go to work’ and so I did. My first job was delivering TV guides . . . I kept that job for almost [five] years before I turned it over to my brother. After college, I partnered with my father to start a retail business.”

• Starting a business is often a financial solution, not just for you, but for your family and loved ones. Furthermore, if your family faces needs that are not met by other companies, you can create a solution though a new business, cornering a market.

An entrepreneurial endeavor like Military Credit Services with family isn’t easy, but it can be a rewarding and profitable undertaking should you and your loved ones commit to it.