Family Members and Business

[Stable090]

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.

I don’t really like the idea of involving family members in business, most of it doesn’t end well, they going to ruin your business, and you have nothing to do about it, you just going to cause more problems in the family. Some family members are so cool to run a business with, but some of them are just terrible, so the family members which you have will determine if you will be able to partner with them when you are running a 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.

They are your family member, you should try and help them in any way which you can help them, but if you notice that whenever any of ur family member borrows money, and he or she doesn’t return the money, when next the person comes to you for money, you don’t have to give him or her, but not all your family members that comes to you, that you going to ignore. When some of them borrow from you, they just going to return the money.

[Opiate32]

Are we really capable of separating family relationships from business decisions?

Family members can actually be some of the most people you can work with but the problem starts when being related becomes a reason to ignore poor performance, forgive financial loss and avoid difficult decisions. At this point you are no longer running the business based on what is best for it. The same thing can happen with friends or even employees who are not related to you.

The best approach for me is to establish clear responsibility, expectation and consequences from the beginning. If someone performs well they can stay, if they continue to hurt the business, then they should be treated the same way any other person would be.

Family should give you a relationship not a permanent position in your business.

[Juicyhome]

In business structure there is not family member,as ceo it'd better to hire people you can arrest than to bring in your family member to manage your business,  if anything goes left, you can't take action because he's your blood.

If you want to involve your family,  train then and open another branch for them to manage. Don't neglect family regardless,  assist them but don't use them to.mamage your business. It will end in cry, some family are just lucky to have members who can run their business with trust.

[9ja Amaka]

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.

Business may be different. You should try it. Business has no emotions. If you bring a family member to work for you or perhaps a partner in the business, a legal document should bind the agreement between the two of you. This is why I said it is better in business, as control will be there for good management. 

As for giving out loans, regret is the end product when you loan a family member. Instead of giving out a loan to a family member, gift them what you can afford. It's easier for them to get the money elsewhere than for you to loan them an amount that, in return, will be difficult for them to return to you.

[Berry2d]

In business structure there is not family member,as ceo it'd better to hire people you can arrest than to bring in your family member to manage your business,  if anything goes left, you can't take action because he's your blood.

If you want to involve your family,  train then and open another branch for them to manage. Don't neglect family regardless,  assist them but don't use them to.mamage your business. It will end in cry, some family are just lucky to have members who can run their business with trust.

Its not better hiring an outsider than our family member because both can still disappoint if  the person in question has that betraying spirit. 
To me I prefer hiring my family members to an outsider because it is only ones family that can stand in times of problem. 
Before now the knowledge of believing that once family is not good at business have been established and made open but that is the worst decision to make in life.
The way an outsider will handle once business is extremely different from the way your blood will handle it because they know if it fails the family will suffer together.