There are at least three principles you need to master if you’re going to have financial freedom for your family business:

1. Always reinvest in your business first. When your family business first starts to take off, your instinct is to start improving your lifestyle. After all, you work hard; that hard work has started to pay off. Now’s the time to plan that vacation to Disney, or to order that new car you’ve been eyeballing. This is a mistake. If you want your family business to succeed in the long haul you need to constantly be reinvesting. When you have a profitable month, turn those profits around into new products or services, or wider marketing efforts. That helps insure that next month won’t be so lean, even though your market is changing.

2. Practice sound accounting principles. For many family businesses, accounting becomes an often-ignored, laborious chore. The fact is, however, that your financial records matter greatly to the success of your business. They save you money when it comes tax time and they protect you in the event of an audit. They also let you keep your finger on the pulse of your business so you know what parts are truly profitable and which parts need some help.

3. Keep your family finances separate from your business finances. This is a hard one. Many family businesses run pretty close to the edge, taking in just enough (or not quite enough) to provide for the family’s needs. Still, you need to keep your personal finances out of the family business and vice versa. Keep separate accounts, even if that means writing yourself a check each month for everything in the business account. Consider forming an LLC or other business entity in order to protect your personal finances from business disaster, as well.

You can achieve financial freedom in your family business. All it takes is the tenacity and desire to make your business succeed, and a sound approach to finances.