Family Members and Business

[harapan]

Not because I have any on going business with family members but because of what I have seen and stories I have heard,  to an extent one or two things I can relate with but do you think it is also true that they're the worst set of people to have a business with. Some have also said that, no one should  have anyone like family members who they can not arrest to be in charge of their business.

They can borrow money from you and end up not paying back making your plans look stupid and leaving you disappointed and because they are family, you can not take strong decisions against them in anyway. What are your opinions? I love family more than anything, but they seem like the worst people IMO. My major advice is never to borrow them money and if you intend to give, give without expecting a dine in return.

[Berry2d]

Not because I have any on going business with family members but because of what I have seen and stories I have heard,  to an extent one or two things I can relate with but do you think it is also true that they're the worst set of people to have a business with. Some have also said that, no one should  have anyone like family members who they can not arrest to be in charge of their business.

They can borrow money from you and end up not paying back making your plans look stupid and leaving you disappointed and because they are family, you can not take strong decisions against them in anyway. What are your opinions? I love family more than anything, but they seem like the worst people IMO. My major advice is never to borrow them money and if you intend to give, give without expecting a dine in return.

Its completely obvious that all outlined disadvantages on the involvement of  family members in businesses pare true but if i may ask is it only family members that destroyes the efforts of a business man or can't an employee do same if been given the opportunity.
Some of the greatest ever mistakes we make while establishing a business is having such believe without knowing the only person that can stand by you in terms of problem is your family members and true friends whom we neglect because of some ideology we consider very important as this one you just mentioned now.
I am not saying all you are saying is wrong but don't forget that the easiest way to escape poverty is  by working hand in hand with those you consider as your blood because know one can make it alone

[POPOLUV]

To be realistic on this topic, it is normal that once a business man engage more in pleasure with his business profis, he is likely to losing everythings in an tickle of an eyes, more of family members tempering into your business, if i should suggest on this, i will suggest that it will be more better that your family members should not be aware of your business, if truly you want to grow well on such business, there should be no family members buying on credit or borrowing money from you, so if you keep saying know to family members that have intentions of crashing your business down, you will eventually grown well  because you don't allow emotions over business.

[Frankolala]

It depends the kind of family members that you are talking about. Maybe, you means your siblings or cousins but if it's your children and wife, I feel that they're the best to do business with because it will become a family business but you don't need to force anyone. Your siblings can choose to do whatever, they like because they know that it will be settled in a family way. However, some siblings are the best to do work with.

[HelliumZ]

Borrowing or lending money from family members should be done in a manner where they can promise to return the money they have given or borrowed. Family members include parents, siblings, and spouses. If your parents borrow money from you, you cannot compare them with all other family members. But if your brother's wife borrows money from you, you will take a promise that she will return the money to you. If your wife borrows money from you, the chances of you getting that money back are very low. No matter what you say from this point of view, if you lend or take money with a very business-minded mind to family members, the chances of getting that money back or returning it are very low. Therefore, it is not possible to lend money with the hope of getting money back through family members.

[Btcdeybodi]

It depends the kind of family members that you are talking about. Maybe, you means your siblings or cousins but if it's your children and wife, I feel that they're the best to do business with because it will become a family business but you don't need to force anyone. Your siblings can choose to do whatever, they like because they know that it will be settled in a family way. However, some siblings are the best to do work with.

Doing business with one's family such as your siblings or even relatives can be very challenging because they will put less effort in the business and they behave anyhow they like just because of familiarity but for one's immediate family that involves your wife and children, it is not bad to involve them in your business because if anything happens to you in the future, they can be able to manage the business effectively but if they don't have any knowledge about your business or you don't carry them along, if anything happens to you that business will just close and not function anymore and even if they hire people to continue with the business they will run it down.

Most rich men are now involving their wife and children in their business because in the past a lot of them didn't involve their children and wife, so when they die, instead of the family to continue the business they will prefer to sell it which often times leads to reckless spending and they end up getting broke and bankrupt.

[hafiztalha]

Some businesses have succeeded for generations and generations with relatives involved in them. At the same time, there are businesses who have collapsed because the expectations were based on the trust instead of the clear agreement, the biggest mistake is treating family loans or taking partnership very casually when money is involved it should be written agreement with whoever you are doing it business responsibilities should be well defined. The proper repayment schedule is defined and accountability just as it would be with a stranger, these all things should be in the written document, if they refuses to do so just because they are the family members then it is already warning sign that you do not need to do business with them.

And I also agree with you that if you give your money to someone your relative. You are mentally prepared for the possibility that they are not going to give it back to you, then this thing is going to damage your finances and your relationship with that person. Hence, it is better to make it either a formal loan, on clear terms and conditions or considered a gift that you can afford to lose.

[uneng]

Well, as far as I know, Jews, Turks, Italians and so on have a deep history of working together with family members, and they have thrived for generations that way, building real financial empires.

I guess it depends on the kind of family you have. If they have a good sense of cooperation and mutual help, it can work nicely, but if they just want to use each other to have personal benefits, then it will be a disaster.

[Bigjoe33]

Not because I have any on going business with family members but because of what I have seen and stories I have heard,  to an extent one or two things I can relate with but do you think it is also true that they're the worst set of people to have a business with. Some have also said that, no one should  have anyone like family members who they can not arrest to be in charge of their business.

They can borrow money from you and end up not paying back making your plans look stupid and leaving you disappointed and because they are family, you can not take strong decisions against them in anyway. What are your opinions? I love family more than anything, but they seem like the worst people IMO. My major advice is never to borrow them money and if you intend to give, give without expecting a dine in return.

I think its two sided, yea. Some family members are a pure blessings. Infact, some are pure angels to you. Imagine if you are the one receiving the help from a family member, wouldn't you say family is everything?

Quite sure, we know some family members can be problematic or danger. They can go far in dealing with you, and as you mentioned, you may not necessarily deal with them because they are blood, and somehow, you let go after you must have lost a lot, just too bad.

But then, blood is blood. You can't have and not help. For me, I think it's best I just figure out those family members that aren't useful and be careful with them. I would limit so many things if I have confirmed that they aren't useful. Of course, nobody like to waste his resources for nothing. So, if that family member is a water, bad person or not grateful, you give them arms length, and concentrate on people who are a blessing and full of help and encouragement. We can't do away with family, so we must help the little way we can

[Odusko]

Not because I have any on going business with family members but because of what I have seen and stories I have heard,  to an extent one or two things I can relate with but do you think it is also true that they're the worst set of people to have a business with. Some have also said that, no one should  have anyone like family members who they can not arrest to be in charge of their business.

They can borrow money from you and end up not paying back making your plans look stupid and leaving you disappointed and because they are family, you can not take strong decisions against them in anyway. What are your opinions? I love family more than anything, but they seem like the worst people IMO. My major advice is never to borrow them money and if you intend to give, give without expecting a dine in return.

The thing here is that business is hard to do with people that are not responsible, and being responsible is about an individual and not a family thing, if you have a responsible brother, he will never act in an irresponsible way, so before you do business with anyone first of all test they trust level and above all don't trust anyone and don't do business that you are not directly involved and in control of the finances and accounts. On loans, it all depends on the trust level there are times that someone can borrow money to do an important thing which can solve the financial problems.

[Judith87403]

Not because I have any on going business with family members but because of what I have seen and stories I have heard,  to an extent one or two things I can relate with but do you think it is also true that they're the worst set of people to have a business with. Some have also said that, no one should  have anyone like family members who they can not arrest to be in charge of their business.

No matter how bad one's family is, there is no better people to run your business than family members. Not just any family member but those ones that are disciplined and wouldn't joke around with your business. By working with your family members, it helps your wealth to circulate within the family and it creates a friendly atmosphere for everyone since it has turned to a family business, everyone will be comfortable with each other and no one will have ulterior motives over another. The only thing you should do is not to expose top secrets about your business. It is true that the reason why most people don't want their family members to work with them is so that incase they misbehave you can take disciplinary actions on them but business is business so even if a family tries to jeopardise your business, they should be disciplined.

[Pi-network314159]

Not because I have any on going business with family members but because of what I have seen and stories I have heard,  to an extent one or two things I can relate with but do you think it is also true that they're the worst set of people to have a business with. Some have also said that, no one should  have anyone like family members who they can not arrest to be in charge of their business.

They can borrow money from you and end up not paying back making your plans look stupid and leaving you disappointed and because they are family, you can not take strong decisions against them in anyway. What are your opinions? I love family more than anything, but they seem like the worst people IMO. My major advice is never to borrow them money and if you intend to give, give without expecting a dine in return.

I wouldn't advice you to run a business and putting family first atherwise you will fail entirely. If you can remember there is a parable that say business grow when family and friends don't buy on credit. So any of your family member capitalizing on personal relationship to drag you down, is not a good family member. Don't associate business with pleasure as this is the reason many people business is down.

[Franklyn-wood]

It depends the kind of family members that you are talking about. Maybe, you means your siblings or cousins but if it's your children and wife, I feel that they're the best to do business with because it will become a family business but you don't need to force anyone. Your siblings can choose to do whatever, they like because they know that it will be settled in a family way. However, some siblings are the best to do work with.

Well from couple of experience. it is good to do business with family members depending on how trustworthy the members are .
There should be a test or proves that members of the family can handle the business well more the member's of the public before such opportunity be give to members of the family. Then if no one among the family can handle this it is best to be given to whoever is capable to managing the business and have ideas on how to improve and increase it.

[programmer3666]

Family and business don't always mix well. When money is involved because emotions can get in the way very quick. You will likely feel uncomfortable to set some ground rules or demand payments because you don't want to damage the relationship. It is not always a disaster. Some families run successful businesses together by setting some clear boundaries and treating it solely like a professional arrangement. The major key is separation!!! By keeping the family time and business time apart. But if you are not sure about the person's discipline or honesty, it is safer to avoid mixing money with family.

[Accardo]

'In business, treat strangers as family, and family as strangers' too many establishments crumbled for not staying strict with the mistakes and losses family members cause the platform. Family businesses prosper when the above slogan is implemented, if a son is hired to work for his Father, he should work just as everyother employee, allowing him favors drives production downtime, and risks the growth of the family business.

[$crypto$]

What do you mean by that, never lend capital to your family let alone relatives that have bad behavior because they will not pay the loan? Or you are considered a cash cow because a lot of money so that the family relies on your loan?

About the money is indeed sensitive to anyone including your own family, let alone the return of the loan that has not been determined when it is returned, I feel where to ask for a loan back in the end quarreled with family.

If you doubt more do not lend, at the same time he intends to do his business, if it fails you yourself are a loss.

[Bd officer]

My major advice is never to borrow them money and if you intend to give, give without expecting a dine in return.

Not every family and member has a bad mentality. In fact, most family members' relationships are damaged due to money transactions. Personally, I sometimes borrow money from my family members and try to return it before the due date, because if I borrow money from somewhere else, I have to pay it back with interest, but if I borrow it from family members, I don't have to pay interest. It is true that if you lend money to family members, you cannot pressure them to return it. So if your family members have a bad mentality or do not want to return the money after taking it, then refrain from lending money to them. But if the family members have a good mentality, it is not bad to benefit them by lending money to them, it is a good deed.

[Tungbulu]

It depends the kind of family members that you are talking about. Maybe, you means your siblings or cousins but if it's your children and wife, I feel that they're the best to do business with because it will become a family business but you don't need to force anyone. Your siblings can choose to do whatever, they like because they know that it will be settled in a family way. However, some siblings are the best to do work with.

If you ask me, I’ll say who you choose to do business with should be more of professionalism and trust and it just about family ties. There are relatives who can still make excellent business partners even though they are neither your kids nor wife. I’m not downplaying the importance of family in business, but this is just the truth. There should be a distinct line between professionalism and sentiments, and it doesn’t matter how close that family member is to you, if they’re not making any positive impact in the business or partnership with them, then it’s best to draw the line.

[Royal Cap]

What are your opinions?

The main problem here is not the family, but the lack of boundaries, because most of the time, no written conditions or specific deadlines are set with family members, because everyone assumes that they are their own people.  If the money is not returned later, the relationship is also damaged and it becomes difficult to say anything about money. However, if everyone's responsibilities and profit calculation are determined in advance, then many misunderstandings can be avoided. For me having documents in financial transactions is a must.

My major advice is never to borrow them money and if you intend to give, give without expecting a dine in return.

Instead of assuming that I won't get it back in all cases, it is better to help in such a way that even if you don't get it back, neither the relationship nor your own plans will be damaged, this also keeps expectations under control and the relationship does not become unnecessarily bitter.

[Achalugo BTC]

It depends the kind of family members that you are talking about. Maybe, you means your siblings or cousins but if it's your children and wife, I feel that they're the best to do business with because it will become a family business but you don't need to force anyone. Your siblings can choose to do whatever, they like because they know that it will be settled in a family way. However, some siblings are the best to do work with.

You are right, some siblings take what belongs to you as if it were their own while there are some siblings who are naturally nonchalant, as they know they won't be held accountability for anything and it's bad. However, doing business with your immediate family such as wife and children is the best if often the best option, they will be the one's to inherit your asset, just in case anything occurs in the future, they can use those assets to support themselves, but aside from this. It's good to keep business and separate family, this can help to keep your business running and thriving.