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Description: A conflict of interest involves a person or entity that has two relationships competing with each other for the person's loyalty. For example, the person might have a loyalty to an employer and also loyalty to their family business. Each of these businesses expects the person to have its best interest first. Many organizations have policies and procedures that don't allow a conflict of interest, such as regulations against hiring relatives in certain situations.

Provide possible examples of conflict of interests specific to this type of business. Include a brief procedure of steps the company can take when a conflict of interest is found among employees and/or with clients.