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.

[Futurexxx]

. 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.

Do you think that those that invent such theory are stupid? No.
Before they makes such claims and sentiment of doing business with a family members is, they have experience it themselves, so they are not just talking all because talking is cheap and easy. They knows that even though they did the worst, you cannot hold them accountable for their actions like the way you will hold an outsider accountable, that is why it's very important that they are not holding any key position in your business or companies if you want your business to survive long.

All these am talking about is not about your wife or your children, but it's more about your brother's and sister's or you cousins, nephew, aunty, uncle and nieces, they are the one's am talking off

[Tmoonz]

. 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.

Do you think that those that invent such theory are stupid? No.
Before they makes such claims and sentiment of doing business with a family members is, they have experience it themselves, so they are not just talking all because talking is cheap and easy. They knows that even though they did the worst, you cannot hold them accountable for their actions like the way you will hold an outsider accountable, that is why it's very important that they are not holding any key position in your business or companies if you want your business to survive long.

All these am talking about is not about your wife or your children, but it's more about your brother's and sister's or you cousins, nephew, aunty, uncle and nieces, they are the one's am talking off

Anyone who claims he love his family should not in anyway get acquainted with them in terms of business because that love will be ruined before they know it, because some family members are found of taking advantage of someone weakness, so who ever claims he loves his family should not involve them with any money or business, like while giving you shouldn't expect anything in return because that's where the betrayal will start from, then heartbreak will follow then lost of trust will come in from there the family will be torn apart.

[Odusko]

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.

The business structure should be build on a system and not individual, quite ok to hire someone from your family if the person is capable of doing the job, what is important is to make sure that there is a clear contract between the two, what is not good is to believe that family won't betray and then acting on trust instead of contractual agreements.

[AYOBA]

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.

When it’s come to a business none can be trusted. You can see some people’s establish business, but due to the trust issue they will not like to take anyone from outside they prefer member of family, they don’t know that at involved family members in business is worst than the outsider.

But we can’t judge the entirely family’s character since there’s a difference types of family’s, for instance the family that are very close to each other, if they come to run a business their well cooperate with each other, and move their business forward without having any problems with their business.

[kasablings]

Although there is a saying which says business grow when family and friends patronizes.but yes of cause a family member can bring down your business and it will end in a family meeting.but like wise non family member can also do the same thing but in the other case it ends in the police station.but as a business person,there is need to be a business policy that guides your business.so even thou your family member works there or manages a department in your business.there should be a rules and regulations to gorvern the business and at the end of the day you won't fall into that category of loss.

[DanWalker]

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.

Imo, what matter isnt whether someone is a family member or outsider, but whether they have the skill, experience, and responsibility to handle that position.

We should evaluate and choose people objectively based on the company's criteria, rather than letting personal relationship or personal biases decide.

If family member is capable and genuinely responsible can certainly be a good choice. But if they lack responsibility or necessary skills, hiring an outsider would be a better option.

[Jerrycrypto2024]

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.

I agree with you 'Berry2d' completely, mistake of many in handing over family member business or establishment to handle many perceived it in wrong direction, I will established my facts from eye witness and experience today in our nation the tribe called Igbos are extremely doing great in business, same business is also been established to their blood brothers or closed relationship through trust as they bring them inside the business to work from the business and manage it, the word "TRUST" kill many unforseen in terms of business even tje brother or relation will not have the feeling to harm because trust have taken over, in my residence a man who domiside at China Open a very big boutique full of shoes and all kinds of wears it's been managed by his younger brother within two years another two of the same product have been opened, wickedness exist both in relationships be it , biological or outsider it's even worst most at times from outsiders they may team to rein you down.

[Unknown Op]

To be realistic on this topic, it is normal that once a business man engage more in pleasure with his business profis, he is likely to losing everythings in an tickle of an eyes, more of family members tempering into your business, if i should suggest on this, i will suggest that it will be more better that your family members should not be aware of your business, if truly you want to grow well on such business, there should be no family members buying on credit or borrowing money from you, so if you keep saying know to family members that have intentions of crashing your business down, you will eventually grown well  because you don't allow emotions over business.

I do not agree. I don't think that family members should be simply kept unaware of the business that you are doing. Sometimes relatives become a true supports system. They give you ideas, and sometimes they also do investment when you are struggling with your businesses. The main problem arises when there are no clearly defined boundary between business finances and family relationships.
It is responsibility of the owner of the business to have clearly defined boundaries and to keep personal relationships separate from the financial decisions. Have their limits on expenses, credit and borrowing money. And should learn when to say no when necessary.

[SPIDERMAN008]

Although there is a saying which says business grow when family and friends patronizes.but yes of cause a family member can bring down your business and it will end in a family meeting.but like wise non family member can also do the same thing but in the other case it ends in the police station.but as a business person,there is need to be a business policy that guides your business.so even thou your family member works there or manages a department in your business.there should be a rules and regulations to gorvern the business and at the end of the day you won't fall into that category of loss.

I agree with you. If you have to do any business with family members, then the rules and regulations should be more strict. And if the business is your own and a family member wants to become a partner, maybe a brother or sister who has enough funds, then you should prepare enough papers and accept those funds. Where all the rules should be written. And there can be many secret tricks in the business. Which no owner should disclose to anyone else. Even if that person is very close, privacy should be maintained. Because today, if the person you think is trustworthy does not mean he will be after long time letter too , then the person who was even your  family member will not think much of harming you. That is why you should always protect the confidentiality of your business.

[Adiljutt156]

Well, as far as I know, Jews, Turks, Italians and so on have a deep history of working together with family members, and they have thrived for generations that way, building real financial empires.

I guess it depends on the kind of family you have. If they have a good sense of cooperation and mutual help, it can work nicely, but if they just want to use each other to have personal benefits, then it will be a disaster.

I agree that there are many successful businesses that are passed down from generation to generation. Success of the business is dependent on the cooperation, trust and shared responsibilities then just being family relative. Family businesses are mostly very successful because people are willing to forgive each other, and they work for the longer term goals rather than just getting immediate profit.

But it is true that sometimes the bigger and complicated decisions are affected because of the family relations; they become complicated when personal favourite exam or conflict enters the issue. So the clear and written boundaries should be there to avoid any type of conflict between the family members.

[Tungbulu]

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.

It's just a matter of trust, not every family members is bad, some are good and can handle their business responsibly just like you would. But, for one to avoid any unwanted drama, it's best to hire a someone outside your family whom you can hold accountable if they mismanage your business and that doesn't imply that you won't assist your family members in any way you can or better still involve them in your business by teaching or making them understand the benefits of the business for their, as it will help strengthen your relationship and build trust with them.

[GiftedMAN]

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.

It's just a matter of trust, not every family members is bad, some are good and can handle their business responsibly just like you would. But, for one to avoid any unwanted drama, it's best to hire a someone outside your family whom you can hold accountable if they mismanage your business and that doesn't imply that you won't assist your family members in any way you can or better still involve them in your business by teaching or making them understand the benefits of the business for their, as it will help strengthen your relationship and build trust with them.

When the number of good family members exceed the number of bad ones that's when you can say they are good but in a family where you have bad brothers and sisters who do not want your progress you can't regard them as good people cause employing them will send you backwards it's better you don't destroy all you built by yourself. If you know that your family members will manage your business well free free to carry them along but if they will not be accountable it is better you support them but don't let them get closer to your business.

[Mr Reporter]

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.

I think as a grinding businessman rules number #1 hiring people calls family is a bad market already, because most times you might need to be a little bit harsh towards a staff member who is not accountable or has broken some rules, which made lead to firing, or warning or even arrest for criminal activity, imagine this with family???The moment you try to discipline them it becomes you don’t respect elders or you think you’re better than us. Business suffers family suffer and it leads to so many issues at a time…

Most family business that run dry and crash today are caused mostly by this word “he is my brother” or “she is my sister” let them not paid for the goods they took or let them manage the business because I trust them…and sometimes you might get so lucky to even find that one sister’s or brother’s or cousin’s of your who would stay loyal and competent, it always better to note this business first and family comes second…

[Marvelockg]

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.

It's just a matter of trust, not every family members is bad, some are good and can handle their business responsibly just like you would. But, for one to avoid any unwanted drama, it's best to hire a someone outside your family whom you can hold accountable if they mismanage your business and that doesn't imply that you won't assist your family members in any way you can or better still involve them in your business by teaching or making them understand the benefits of the business for their, as it will help strengthen your relationship and build trust with them.

If you know that your family members will manage your business well free free to carry them along but if they will not be accountable it is better you support them but don't let them get closer to your business.

Any family member you're bringing into your business must be one that's ready to accept the fact that the business is a different entity from you and that regardless of the past relationship you both share, that once it comes to your business, it's a completely different ball game.

Most family members tend to be easily entitled and sometimes, they can be very nunchalant because they believe if you're reacting to Thier behaviour that you wouldn't take it too seriously with them. To avoid problem, help from a distance and isolate your business from every form of family issues. It will save you a big deal of problem.

[GiftedMAN]

Most family members tend to be easily entitled and sometimes, they can be very nunchalant because they believe if you're reacting to Thier behaviour that you wouldn't take it too seriously with them. To avoid problem, help from a distance and isolate your business from every form of family issues. It will save you a big deal of problem.

Yeah that's correct and if you choose not to react in a certain way when they are being too nonchalant then they will see that as an opportunity to destroy what you have built for years. If you notice such character from a family member and choose to ignore the signs then when you start seeing the wonders you would have lost so much already. If you come from a business that is business oriented you have no problem because every member of the family will work towards achieving the success of the business since they are also benefiting from it but when it's your personal establishment and your family member who is an employee is trying to mismanage it for you then take actions and help them from afar.