I hear such mixed opinons on working and or going into bussiness with family and close friends, some say its good becuase you “know” the people around you and others say t ruins your relationships which can lead to the downfall of your bussiness… so what do yothink about it? is it a big NO :shocked or a green light :help
Money and blood doesn’t mix.
Rich said it all. Don’t do it!
ok… but why cant money and blood mix why is it such a problem?
Ultimately there will be a dispute and when push comes to shove its really hard to sue a relative. Don’t do business with anyone you can’t sue. Can you imagine Thanksgiving the year after you sued Uncle Frank? IMO friends and family are far more valuable than money. If they want to get started in the business help them get started but don’t do business with them.
thanks good advice :beer
all business relationship have a begin, middle and end. some of them end on favorable terms; some of them don’t. ending undesirable business relationship is never easy or fun, but no need to make it even more difficutl (or cloud your judgement) having to worry about what your spouse, friend, relatives, etc will say when you sue/terminate or otherwise end the business relationship.
I love working with my husband. But, I wouldn’t dare work with my father or mother. I would probably work with my brother.
DH and I can forgive each other quickly and work in a similar pattern.
My brother is easy going and would just roll with everything. I’m 10 years older than he is, so the chain of command is already set.
My mother is much too sensitive to be in that situation with me.
My father and I would butt heads the entire time.
I think it really comes down to how you interact and how your relationships are set up. ie: If you’re the baby of the family and as a child your older sibling was the decision maker among the children, you’re going to have a hard time.
Like Bobbi I work with my spouse. Brothers/sisters/aunts/uncles HELL NO. My wife and I are best friends, have complete respect for each other, we BOTH wear our own pants in our family, and are open and honest with each other. Not many couples that I know could work together, but not many couples that I know have the connection that my wife and I do.
I have hired brothers/sisters to do odd jobs on some of my properties, and even just doing that my sister and I were bumping heads. Her “start time” and mine just didn’t quite match.
My advice would be to take an honest look at your relationship with the person in question. Multiply it by 10 and there is your answer on whether or not you could work with him or her.
My two cents, keep the change! :beer