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.

[Dunamisx]

We should save ourselves from unnecessary pressure and what will cause us to have a serious conflict between family members by not engaging in business together with family affairs.

Let there be independence when it comes to what we do and how we interfere with the family members, they should be no friend in business, the way we want to handle our business may not go in line with how we can handle our family members when they are being involved in that same business we are doing, things will definitely go around and that is why we should operate our business separately from Family affairs.

[Agbamoni]

It depends on the kind of business. If the person is a serious business tycoon, sure, get a signed deal and start the business. All agreements are under the law. This will increase the level of discipline from both parties to make the business a success.

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.

Every member in the family has that one person they can trust, unless in a situation where the person dont trust anyone. It will be easier to communicate within the family when the bond is there from small. Though communication may not be necessary means the trust is there to do business

[Shineup]

We should save ourselves from unnecessary pressure and what will cause us to have a serious conflict between family members by not engaging in business together with family affairs.

Let there be independence when it comes to what we do and how we interfere with the family members, they should be no friend in business, the way we want to handle our business may not go in line with how we can handle our family members when they are being involved in that same business we are doing, things will definitely go around and that is why we should operate our business separately from Family affairs.

I don't see any good reason why a serious business minded person would want to involve a family member on that particular business, like they're some certain things you will take from a family member that you won't like to take from outsiders, it's fine if you have a very big business that requires employees it's okay to hire a family member but never you give that family member a major role in that job else he or she might abuse it, but in terms of partnership do not do it with a family member for the sake of the business to go as you want it.

[Unknown Op]

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

I do not go with idea that blood is blood means we have to always help family members. It is very good and admirable to support your family members, but it should never come at cost of disrespect or irresponsible behaviour.

Respect and trust are very important. If someone from your family is continuously taking advantage of kindness or still refuses to change and contacts you when they need something, then there should be some firm boundaries that are healthier than just continuing to help that person out of obligation. Any type of relationship, in family or other they should be based on mutual cooperation, respect and responsibility.

[Couragelevi]

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

Yes, there are some situations where family members can kill a business and there are also situations where the family members will help the business to survive, it all depends on who your family members are. There are some top companies that are managed by family members.know matter how anyone will pretend, you know each and every member of your family, so you know who to bring in to the company. In my own opinion, the only family member to avoid are the foolish ones, greedy ones, and the ones that are full of pride and arrogance,  and also don’t give your family members more preferential treatment than other staff. Office must be official and home should be home

[Rockstarguy]

The reason why it is not advisable to do any business with family members is because of the over-familiarity that family members may feel, leading them to be relaxed and not bothered to be disciplined or put in all their effort in the business. Family members can choose to misbehave, but no discipline or action can be taken simply because you all come from the same home.

When considering family members in business, it shouldn't be a decision to rush into; instead, you should carefully evaluate whether those particular family members exhibit the discipline needed to help the business grow. If anyone decides to include family in business, one needs to be open and communicate that this is a business where everyone has to play their role, and it shouldn't involve family familiarity.

Although there are risks in working with family members, there are still family members who are disciplined and willing to give their best in the business. People just need to be careful about which family members they bring into their business. Character should be the reason for bringing in a family member, and it shouldn't be a decision made merely because someone wants to help their family.

[Tmoonz]

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.

What a joke, you can't use Burna boy as a key of contact because him and his families case is totally different from the ones I think of, Burna boy is a mega star he's an artist and not a business man, and trust me even if he owns a business it's certainly not being managed by any of his family members, the only business he have with them is on his music career, so using Burna boy as an example is very wrong, they are only his crew members he pays them, and none of them is importing or exporting goods and services, so if you still want to do well in your business it's better you don't partner with a family member.

[Findingnemo]

Combining relationships with finance is a disaster combo, no one should do that unless there is no other way. Not only will they end up defaulting money but it can damage your business in case if you let them manage your business as some kind of power. Always prefer the right candidate who is qualified for the job not based on family member or a close friend and if you do that mistake, you can't even question them when they need to be.