Family Members and Business

[SPIDERMAN008]

I agree with you. I myself do not like to create business relationships with family members or very close relatives. Because relationships with people improve through money and it does not take long for relationships to deteriorate through money. And it is very natural for greed to develop among people. So if you have a brother, many times it does not take long for a business relationship to deteriorate. However, if someone in the family wants to do business on their own, then instead of taking him as a partner, you can help him run a new business. Whether it is by giving him money,  by giving him time, he will be able to take the business forward. In that case, if you have long-time experience in business, then you will use it for the benefit of others. And in business, even if the relationship with the partner is good, everything should be done through documents and paper works. Many times, verbal promises are of no use. Therefore, it is important to maintain everything properly in business. And it is better not to do partnership business with family members.

[bakasabo]

I would instead make more likely business with family member than with a stranger. A stranger can let me down any moment, leave and I would never see and hear him again. Stranger would care less than a family member. Stranger would have lower level of responsibility and performance. Family member I think would work better, because the result and performance of each and all are used identically to evaluate us as a family. If one one family member fails, then people would say that whole family fails. Stranger would not care about that at all. He will quit and get other job or business.

[liasbaa]

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.

Family is the most dear to everyone but no matter how much you consider them dear to you, if you don't have money, you are worthless to them. You are an adult but if you are not able to work and earn money, you will be devalued everywhere. You may get funds from your family more than once but they will disappoint you again and again.

If you have a family business, you will get a temporary financial backup but if you don't spend time for the organization, you will continue to be worthless in terms of family.

You talked about borrowing money. I think if you lend to someone outside the family, you will get it but it is not easy to recover it by lending money to your dearest people. Even if you are in financial trouble, it is better not to do family transactions because you will not be able to run away from the family. They will constantly harass you mentally.

[Macabury]

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.

It is bad to draw conclusions from stories heard. Many family members are good business partners it all start with the way the built their bonds while growing up. The few family members I have done business with all have a positive mindset towards growing with me. I feel more comfortabe doing business with family members overall than with total strangers.

[Solodoski]

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 would never advice anyone to involve a family member in a business that you build on your own. It's okay to start a business with a family member that you feel you can work with or you guys are like minds, but I will never advice anyone to bring in a family member to a business you built on your own. This might sound harsh, but it's just the truth. When you have a family member in your business, you find it very difficult to take decisions on the family member,  because the sentiment of that person being your family comes in play. The person might be affecting your business in a negative way, like being late to the business,  taking your money with no proper accountability and you will not be able to do anything because it's family. I understand that some people will say it's family member and you should help, there are other ways to help them without bringing them into your business.  You can as well help them with capital to start their own business,  that's if you can afford top, but I will never advocate for anyone to involve family members when it comes to business.  I am not saying their are no good family member that can handle your business well, but it's better you avoid the risk.

[Chilwell]

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.

As far i am concerned, I make sure I don't get close to my relatives when it comes to business or any financial transaction, my aim for all that is because I cannot do anything to them if eventually they stole my money or mismanage of my funds, I don't see them so productive that they can help you build your Empire, as far as I'm concern, I found it very difficult to control them and anything that I cannot control I don't deal with such thing financially. My family and my business are two separate things, which I don't want them to come close to each other because if they do, I will be left with one, and that particular one will be my family because there will help me to eat up my business.

[Creeper0]

"If you value your relationship, don't lend money" is a phrase I have personally proven true in real life. Do not enter into any financial agreement with anyone who is not only your family, but also with anyone you have a relationship with (family, neighbors, friends, relatives, and long-time acquaintances). Even if you do, you can enter into an agreement with someone whose honesty you have no doubt about, and if he commits a crime, you can take action against him.

When someone asks me for a loan, I try to give him the money I can afford to lose. Because when I lend money to someone I know, I don't expect to get that money back, so I give as much as I can. I even always tell my friends that 'you can eat as much as you want from me, I will feed you as much as I can. But never borrow money, if you really need money, then ask for help but don't borrow. Because relationships are very valuable to me. Business is more serious. In business, strangers can be more honest than acquaintances.

[bangjoe]

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.

It depends on how the person who borrowed it if you understand well the character and potential he can pay back or not, including in your family must be careful because it can have an impact on finances and relationships in the family.
Even the problem of position in the company, you have to do an assessment to completion as you assess other people you need in your company's position, if not do not be forced, just because they are family, and also to remember to know the system in your business so that you have a reasonable limit on any matter in talking money or, this is to keep yourself from behavior or potential things that are not expected to happen as many people suggest that it is better not to have too many financial relationships with family as you mentioned.

[Shineup]

There was a parable we always use in our secondary school days, that says there's no brother and sister in jungle, everyone is on their own at that given moment, that is how it is in business, you don't look face when it comes to business as a serious and good business man for you to succeed you will have to keep emotions aside because without that you will never last in that business, for your business to move families and friends must pay, unless you are tired of the business, there are things that are set for emotions and the last time I checked business is not one of it, that's my opinion.

[Abdulzuruku01]

I would instead make more likely business with family member than with a stranger. A stranger can let me down any moment, leave and I would never see and hear him again. Stranger would care less than a family member. Stranger would have lower level of responsibility and performance. Family member I think would work better, because the result and performance of each and all are used identically to evaluate us as a family. If one one family member fails, then people would say that whole family fails. Stranger would not care about that at all. He will quit and get other job or business.

You are right, but with what I have learned, honestly it's better i do business with strangers that to do it with family members. Some family member will never like to see you excel in business, and whenever problem arises between you and your family member you'll not be able to take any action with them. Because your parents will ask you to leave the issue, at times parents will promise to pay for whatever damages they caused your business and definitely they will not, which it will be difficult for you to ask your parents to pay you back. while for the strangers you can sue and or report them.

[Umulala-alala]

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

If you are doing some kind of business don't ever mix it with pleasure or don't even displeased your self to please people who call or see as family members or friends, make sure you have budget about your money try and give your money name have the one to use and help people if necessary when it finish and you are ask for help tell them to wait till refill back your helping money, most family members and frieds only what to see you fall they don't love so don't think you are not doing the right if you don't help people around you people are very wicked.

[Achalugo BTC]

It is bad to draw conclusions from stories heard. Many family members are good business partners it all start with the way the built their bonds while growing up. The few family members I have done business with all have a positive mindset towards growing with me. I feel more comfortabe doing business with family members overall than with total strangers.

You are absolutely right, some family members might not work together as this might be due to how they built their relationships while growing up because some family members that have the habit of  communicating poorly with one another and this is a bad habit, as love or trust is important in every family, as love and trust are what make family members to stand as one in everything but when there is neither, they will prefer to trust strangers than their own family members. Though, it's not a good attitude but trying to understand each other would be more supportive and helpful to them than most strangers.

[DYOR+BTC]

I would instead make more likely business with family member than with a stranger. A stranger can let me down any moment, leave and I would never see and hear him again. Stranger would care less than a family member. Stranger would have lower level of responsibility and performance. Family member I think would work better, because the result and performance of each and all are used identically to evaluate us as a family. If one one family member fails, then people would say that whole family fails. Stranger would not care about that at all. He will quit and get other job or business.

The expectation of all strangers is to meet end needs and help his family members, at times some may be trustworthy and obedient but may still betray if the opportunity comes, therefore there  is never enough reasons that will make me not  to help my family members  if the opportunity comes.
Others may choose outsiders over there blood but am happy you clearly said our family members should be considered first before others because they are the only once that can stand by you in times of challenges or sorrow. Many trusted outsiders with there business and now they are regretting,  so its better by brother eats my money than for an outsiders do so.

[bakasabo]

I would instead make more likely business with family member than with a stranger. A stranger can let me down any moment, leave and I would never see and hear him again. Stranger would care less than a family member. Stranger would have lower level of responsibility and performance. Family member I think would work better, because the result and performance of each and all are used identically to evaluate us as a family. If one one family member fails, then people would say that whole family fails. Stranger would not care about that at all. He will quit and get other job or business.

You are right, but with what I have learned, honestly it's better i do business with strangers that to do it with family members. Some family member will never like to see you excel in business, and whenever problem arises between you and your family member you'll not be able to take any action with them. Because your parents will ask you to leave the issue, at times parents will promise to pay for whatever damages they caused your business and definitely they will not, which it will be difficult for you to ask your parents to pay you back. while for the strangers you can sue and or report them.

As I have said it in my first post here, a lot depends from family and relationship between family members. If they are bad from the start, then business will only make them worse. I took my family as example. I cant imagine that my father, mother or wife would put individual interest and profit above family and do something bad to make family business go bankrupt. I expect stranger to scam or leave company more like than family member if he would be offered more money, better job conditions.

I also know some families where there is conflict between family members. Where children dont talk to parents. Where parents were like tyrants at home and demanded something unreal. Parents or children that dont care about each other. If family is like that, then making business with them is a road to nowhere.

[Boy-o-boy]

Anyone can disappoint you in terms of business no body is to be trusted when it comes to money but if you are a family member of mine and I choose to involve you in my business and you decide to disappoint me you are not only disappointing me but yourself because if the business is good for me is also good for you so by so doing I can not neglect my family members in anything I am doing family comes first if you need money I will borrow is your choice to give me back or not