Family Members and Business

[Sammye3]

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.

When it comes to business, there should be a clear distinction between family and professionalism. I would always render help to my family even when it comes to my individual business but I would not pick based on favoritism but on merits and qualifications.

If the situations comes to arresting a family member who defrauds my business, I would do that with professionalism without emotions. Business is business, and family is family, there should be a clear indication at every point, mapping out set boundaries and constructing a breach of contract agreement should do justice to any misconduct.

[Dunamisx]

To be honest here, let me say that's about 80% to 90% of a family related business will always lead to complicated issues, that is why many don't involve their family in what they do, and if you truly want to have that peace of mind and never risk your family relationship with your business, then it is more safer to avoid introducing family members into your business or allowing them to come in and interfere.

[Hewlet]

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.

Unfortunately, when dealing with a family member in matter of finance, you have to be ready for the worse case scenario because they always show the highest form of negligence. most times, they will rather patronize outsider instead of you but will always run to you when they don't have the financial means to get it somewhere else. if you are building a business that will last long, your financial decision in that business should be based on the system and structure you have set up and not just a function of emotions. in most instances, they will want to blackmail you emotionally but if you refer them back to the system that your business is operating by, you can find a way of saying NO to them without making it look too obvious.

[bakasabo]

All I can say that everything depends from family strength and people that are in. Some might be against having business with family members, others might only work with family members, because they can be the only one to cheer for success with full hearth and give all of them for the sake of success. Sometimes you can only rely on a family member. I dont think that there is any statistical data, but I think that family member is less likely to betray than a stranger.

However I have also heard that there is always a "black sheep" in family. Nevertheless, despite the all rest people, you as a family, have more time to recognize that black sheep. If during years living together and being together, you havent learned who is who and what to expect from each family member, then it is your fault if someone of them manages to trick you.

P.S. Why not consider as lending money to a family member as helping them? Isnt it bad or wrong to help your family? In that case is it right to expect and demand return?

[DanWalker]

What are your opinions?

Everyone has different personalities, habit, strength, and way of working, and our family members are no different. So I don't think we should generalize based on a few cases. 
In my opinion, whether someone is a good business partner depend on their character and the way they work, not on whether they are family or not.

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

What if it's a large amount of money?

Similarly, whether I would lend them money depends on the kind of person they are. If they are responsible, honest, and trustworthy, I see no reason not to lend them money when they are in need, especially if they are family.

One more thing, they're not just your family, you are their family too. How would you feel if one day you were the one who needed to borrow money or was looking for a job?

[Sally9256]

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.

Even outside business I have had countless terrible experience lending my family members money or having any sort of business with them to give me money later. Also I have seen many circumstances where family members take advantage of one another leaving the other party to complain bitterly so all this proves that family members are really the worst people to engage in a business with.

It's not always the case though, I think it's just personality differences. Some people are just naturally difficult people who find it difficult to pay back loans but just that with a family member no serious decision can be taken. I have also had few business with one family member who is reliable and trustworthy so not everyone is like that.

In term of business I don't advice having a business with a family member unless you are sure about them and trust them. Emotions will get in the way and it's not good for one's business.

[GiftedMAN]

To be honest here, let me say that's about 80% to 90% of a family related business will always lead to complicated issues, that is why many don't involve their family in what they do, and if you truly want to have that peace of mind and never risk your family relationship with your business, then it is more safer to avoid introducing family members into your business or allowing them to come in and interfere.

This is how it has always been with people and their family members getting involved in a business together, your family members will not be serious when you bring them into the business because they believe they are working for you and whet you own becomes there's even though they do not know how much you have invested in your business. It is better you don't bring them into the business until you are ready to start up a new one for them or yourself where they will be handling it as their own, to avoid losing the love and respect you have as a family keep them off your business.

[dupee419]

Immediate family members and even extended family members are hit or miss when it comes to doing business, in my experiences trying multiple different businesses with family members. Family members, often at the start are enthusiastic when the idea of a profitable business venture comes to mind and usually later on, fails to meet the expected or even fulfill the minimum end of the bargain. These are usually situations where your expected business partner wants immediate profit rather than building steady growth for the business.

Even some family members who turn up borrowing money from you with promises to pay it back fail to comply on their end, leaving you the one having to adjust financially and deal with the disappointment. Sometimes, you're the one who ends up in an awkward or difficult position, whether financially or business-wise.

If you can start your business, even at a basic level where you can afford to risk small losses in case of "family mishaps", IMO, that's where you do business with family.

[ChocolateBitcoinK]

I think that one should never trust anyone blindly in financial matters, because any person can change due to greed for money. A wife can even kill her husband due to greed for money, because I have seen such incidents in the village.

Any way, Especially between brothers, such incidents happen very often, you will give the responsibility of your business to your brother, but at the end of the day you will not find any account, and you will not be able to be too strict on your brother, this is how the relationship is actually destroyed due to money. That is why no matter how close the person is to you, you cannot trust anyone blindly, keep the main responsibility of anything only on yourself, give the responsibility of looking at just the surface to others, and especially all financial matters should be kept only to yourself, because this greed for money will destroy everything.

[MusaPk]

All I can say that everything depends from family strength and people that are in. Some might be against having business with family members, others might only work with family members, because they can be the only one to cheer for success with full hearth and give all of them for the sake of success. Sometimes you can only rely on a family member. I dont think that there is any statistical data, but I think that family member is less likely to betray than a stranger.

However I have also heard that there is always a "black sheep" in family. Nevertheless, despite the all rest people, you as a family, have more time to recognize that black sheep. If during years living together and being together, you havent learned who is who and what to expect from each family member, then it is your fault if someone of them manages to trick you.

P.S. Why not consider as lending money to a family member as helping them? Isnt it bad or wrong to help your family? In that case is it right to expect and demand return?

There are many cases where a business is run successfully by family members and the business is passed from generations to generations. If you are doing business within family members then to be successful, the best practise is to bring everything on paper and give everyone his role and responsibilities. Family ties will be there when you are at home but at workplace you all must work as business partner. This is the only way to run a business within a family successfully otherwise you all will ruin the business.  

[Ab de villiers]

If anyone wants to spend life smoothly and tension free then its better to keep relatives and businesses separately. It is my personal experience i have faced lot of stress due to the name of sympathy. They needed job, i helped them, in finding job in my own organisation. However after few months they used to do some activities that went against me. Or sometimes when they got chance they tried to spoil my image. That's shook me alot, then i realized that i had made  big mistake of my life . I was struck in a situations where i was unable to get out of it or neither forced them to leave this place. As  results this sympathy turns into mental pressure.I am not against the mindset of helping them, but its better to provide financially help if you can, but its better to maintain always certain distance. This provide helps to avoid unnecessary conflicts.

[BIT-BENDER]

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.

Have you borrowed money to those who aren't your family and they also have you going up and down the Hill just to get a refund, yes owing loans is not only peculiar to family members.
You may have not noticed but there are lots of agenda that has been pushed against family members to support the break up and separation of families.
For me I love to do business with people I am familiar with and if anyone let me down I learn from it because based on my experience I have also lost in business to people who aren't my family members.

[BTC FutureKing]

To be honest here, let me say that's about 80% to 90% of a family related business will always lead to complicated issues, that is why many don't involve their family in what they do, and if you truly want to have that peace of mind and never risk your family relationship with your business, then it is more safer to avoid introducing family members into your business or allowing them to come in and interfere.

I agree with you according to my life experience and this is indeed true and I have seen such incidents myself that before starting a business, they were living a very peaceful and happy life together, but when they started doing business together, differences arose in the family and domestic and business problems started increasing because if you are doing business with a family member, you will have to handle the matters of home and business separately and many things will have to be taken into account. Discipline and honesty are very important between you, then you will not have any differences. Like you, I would also advise others to do business alone because you will be the only one  who is independent  and owns the profit and loss of your business and there will be no fear of fights and disputes.

[Callido]

To be honest here, let me say that's about 80% to 90% of a family related business will always lead to complicated issues, that is why many don't involve their family in what they do, and if you truly want to have that peace of mind and never risk your family relationship with your business, then it is more safer to avoid introducing family members into your business or allowing them to come in and interfere.

That is why we set boundaries, a good business person doesn't mix business with family. When it comes to handling business related affairs, there is nothing like family or friends, people will only suffer when they don't apply these boundaries or act too friendly because they don't want to be tagged a bad person.

Every business started with capital, losing it in the process will certainly crash the business. Family should be people who want to see you progress and not be the cause of your downfall.

[HyperCodexV]

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.

When it comes to business, there should be a clear distinction between family and professionalism. I would always render help to my family even when it comes to my individual business but I would not pick based on favoritism but on merits and qualifications.

If the situations comes to arresting a family member who defrauds my business, I would do that with professionalism without emotions. Business is business, and family is family, there should be a clear indication at every point, mapping out set boundaries and constructing a breach of contract agreement should do justice to any misconduct.

Family is mostly not the genesis of the problem, it's the lack of boundaries. When you mix family and business, you need clear rules from the start. Who handles what, how money is shared and what happens if things go wrong.

If you don't set those clear boundaries early, it becomes messy. Small misunderstandings turn into big fights and before you know it, both the business and the relationship are damaged. But when it's done right, family businesses can thrive. Trust is already there and you're working with people who genuinely want to see you succeed. The key is treating it like a business first, not a favor.

[gracreavix]

We should look at the bright side, they are families who have built successful businesses. Even friends and strangers. There's the good and bad side of the story. So what now is the issue. The issue there is  boundaries or accountability. Everyone just doing what they like. Things have to be stated how it is being run. Because if you look closely, there are good and bad things to everything. So I won't necessarily paint family business bad or families can't start business together. But the agreement to which that business is being built in the first place.

[Dreadboost]

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.

Family is responsibility but TBH as a struggling lad, don't accept to fix all the family problems yourself because once you do, they will be reluctantly waiting for you to fix it and they will do nothing to help. Be honest with the family, tell them to not always rely on you because you have your own life to fix. If you don't meet your goals now that you are young when there is a nuclear family attached to you it becomes a problem.

Don't take what I'm about to say personal. Ghost yourself for a few years and see if the family wont function without you.