Family Members and Business

[GiftedMAN]

It all depends on the family and the level of understanding you have with them.

I want to make use of Burna Boy as a case study who has been managed all throughout his career by his mother and assisted by his sisters and uncle. But we have never seen such disagreements and fights. I am not saying they do not have their ups and downs but they do so well to keep themselves well presented in public.  I believe you need this understanding between yourself and your family to see thus not happening. On a second thought, you could still have the strongest bond and get find yourself having issues with business.

The case of the Musician you mentioned and his family is just one good family that refused to let money and fame come between them but go ahead and see some other families and how they have allowed money to destroy the relationship they suffered to build together you would realized that for someone who wants to grow you don't employ your family members in your business.

The case of Peter and Paul the Nigerian musicians is a good storyline for what I just said now if you have been following their story you will realize that the moment they brought their elder brother into the music business that was the moment they destroyed the relationship they built for years. Help your family but don't always trust them with your business.

[laijsica]

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 advise you not to do any kind of transaction with close relatives. If someone in the family has a business and requests you to work there, you should not join that job and look for a job somewhere else.
Strictness can be shown towards relatives or family members if they work under you. And the level of that strictness is also comparatively higher due to prior acquaintance. If there is any financial loss to that business, the blame will be placed on that relative employee first.

Many such incidents happen in reality because many family members find opportunities and do not remain responsible and fair as the business is not theirs. They get maximum benefits from it but are not responsible for the work.

[bakasabo]

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.

Family members are the worst people to do business with, they often feel entitled and can be very lazy because after all, it's their brother's business. Business has set of principles and ethics, if you want to run down your business just employ family members. The problems that comes with doing a business with family members is enormous and unlike when a stranger breaks the rule of your company and you take legal actions but when it involves a family member the matter will just die because people will have a different interpretation if you decide to punish them when they go against the rules of your company. There's a case am following up recently, it's a family business that ended up separating brothers so instead of you to find yourself in such situation it is better to avoid it from the onset.

Business with family and business with stranger both have their own pros and cons. In "normal" family, family member will care about the company while stranger will leave and get another job. Just put yourself in position when for example father asks you to help him to fix something. You will do that from start to end, and do your best. You wont stop helping at 5 and say you have to go home now. You wont make it "just somehow to make it hold or run" and leave; you will it to look perfect. But there are plenty of examples that there was a bad situation between family members in past, and while doing business, it will came up exactly at the moment when there is a problem.

[9ja Amaka]

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.

The empathy involved when doing business with family members can undermine the business. Business is not meant to be run by sympathy, empathy, and forgiveness. For a business to be successful, discipline, dedication, accountability, and responsibility have to be very clear to everyone involved.

Recently, I gave a family member some money to co-operate in a fashion business with me. To date, I'm yet to hear from him. One of the greatest challenges in the business I did with him is that I allowed emotions to cloud my judgement. The terms and agreement favored him, not me. Something I'll never try again.