Family and business?

[Adexgrace]

Family well known as a group of people related by blood or adoption shouldn't be seen as the same thing as business. Business involves the buying an selling of either goods or services for profit. So one should not allow the two disturb each other because they are two different entity.

 

[Sariana23]

I come from a family where they are merchants, and I firmly think that if you can run a family business. The most important thing is to do everything legally as if you were a strange person, with its rules, policies and warnings. If there is any infringement of one of the parties, the terms described in said documents apply, which must be notarized and endorsed by lawyers, all legally.

 

[Ibrahim1]

Creating or engaging business with family or relatives or brothers is very bad because if care is not taken you won't last and if care is not taken they might even crush the business for you because what they will be thinking will not be going well with what you thinking and they will start doing something's that you might not even want to sack him or her that's if you haven't had such experience before because 96% of them are really bad and wicked that's why I can never advice anybody to go into business with family at all

 

[Gilead]

It's logical to do business with family relatives but it is not economical. Any business transaction should be sentiment free,it ought to be pure business..there should be professionalism while conducting any business transaction at all.

 

[Kamon c4]

Getting family involved in a business has lots of advantages if only the business rule applies which says ‘everyone’s equal’. Though this may cause rift between family members but a good business owner will make decisions that are in the interests of the business only without being bias

 

[giddy]

I don't usually like family business because of many issues attached to it
Consider a scenario in which parents transfer ownership of their specialty auto parts manufacturing business to their children, two of whom work in the business. If the next generation leaders are not competent and vigilant, the impact on the business quickly becomes hard to ignore. The business will likely be overtaken by their competition. Their family members who are not working in the business will see their distributions dwindle, likely sparking tension among the stakeholder

 

[Jonaville1]

Like the saying goes: blood is thicker than water. So I feel it is much easier to start business with a family member because you are already well acquainted with each other as opposed to an outsider who you probably don't know fully well. Of course there are some exceptions, but generally, partnering with family might not be a bad idea.

 

[MastetG]

Sometimes family businesses don't have any clear policies about the qualifications family members need to be considered for employment or obtain a leadership role within the company. Developing a detailed family employment policy is one way to cut through this ambiguity.

According to Boudewyn, such a policy defines the "rules of the road" for family businesses and addresses issues such as "what the business actually needs in terms of talent and experience; what kinds of roles exist for family members within the organization; what kinds of preparation is required or preferred to be considered for employment; and the kinds of behaviors and performance standards that family members will be evaluated against once employed

 

[joy101]

Business and family most at times don't work, there are always issues or quarrelled we should avoid doing business with family in order to have peace in the family. So I don't support the ideas of family and business. Especially father and son.

 

[MizzLala]

I have to say the prospect of going into business with family makes me nervous. Then again, it largely depends on each family. But I personally wouldn't want to go down that route for various reasons. I feel if I did, it would probably end in tears and I want to avoid that at all costs. I'm viewed as the most disciplined, driven, strictest and straight down the line in my family. I wouldn't take very kindly to people slacking off and not pulling their weight.

 

[Ltherman]

Different strokes for different folks we have successful businesses that have been ran by families globally with siblings featured on forbes list so running a business with a family member maybe problematic in some settings while its extremely convenient in another setting.

 

[Sincerem]

I've heard that starting or doing business with a family member or relative, can create many legal problems as well as relationship issues. For example, a father letting out a house to his son could be problematic if the son chooses not to pay the rental costs. This ultimately means an eviction will occur sooner rather than later. Another scenario would be a family restaurant, where the father is the owner and the son is a general manager. What happens when they both get into an argument, on a personal level? This is why I think business and family don't mix.

Share your thoughts and personal experiences below.

That's true facts you started here, family and business doesn't go down well. Their is always entangling issues that results to conflict. The issues you mentioned here like, a dad that owns a rental house and having his son as a tenant, and the son rent expires. Surely the father will ask him to renew, if he fails to renew the rent, he will be forced to move out. Such issues cause uproar, so I agree with you, family and business doesn't go together.

 

[Hammad1245]

I've heard that starting or doing business with a family member or relative, can create many legal problems as well as relationship issues. For example, a father letting out a house to his son could be problematic if the son chooses not to pay the rental costs. This ultimately means an eviction will occur sooner rather than later. Another scenario would be a family restaurant, where the father is the owner and the son is a general manager. What happens when they both get into an argument, on a personal level? This is why I think business and family don't mix.

Share your thoughts and personal experiences below.

You are right in many aspects. This type of business do have other aspects. Sublings usually trust each other and have a better understanding among them. They can carry out a business in such a way that will give high profit. If conflict doesn't create than this will be the best business.

 

[Sheen Creations]

I've heard that starting or doing business with a family member or relative, can create many legal problems as well as relationship issues. For example, a father letting out a house to his son could be problematic if the son chooses not to pay the rental costs. This ultimately means an eviction will occur sooner rather than later. Another scenario would be a family restaurant, where the father is the owner and the son is a general manager. What happens when they both get into an argument, on a personal level? This is why I think business and family don't mix.

Share your thoughts and personal experiences below.

I totally agree with you. Family business can ruin your personal relations anytime. Family business might be risky most of the time. In Pakistan we can see many successful family businesses. It also depends on the family members.

 

[Yan]

Yeah, that's true, most times when you try to allow family around your business they tend to take advantage of the business. If you tend to sell groceries they can come in to take some things and leave without paying.

 

[Sotherefore]

Family business always have a lot of problems and issues and at the end of the day the business may come down crashing because one person might rise against the other and before you know the business may not be able to continue anymore because of disagreement between two parties,I'll rather advise anyone who want to go into business to start a business in his own without involving or making it a family business with this you can have full control of any business you establish yourself.

 

[Machismo]

It not always advisable employing a family member to manage your business. Though it has several advantages too. Just that the disadvantages supersedes the advantages. Conflicts are inevitable when it comes to family business.

 

[Kennysplash]

I've heard that starting or doing business with a family member or relative, can create many legal problems as well as relationship issues. For example, a father letting out a house to his son could be problematic if the son chooses not to pay the rental costs. This ultimately means an eviction will occur sooner rather than later. Another scenario would be a family restaurant, where the father is the owner and the son is a general manager. What happens when they both get into an argument, on a personal level? This is why I think business and family don't mix.

Share your thoughts and personal experiences below.

Family members tend to take what you do with levity. You will realize that the way outsiders appreciate your service is not the way family members would. I think it is best to let business and family stay apart, because as you said they can't mix.

 

[Lekside127]

Family and business are two important things which enters each other.
Sometimes, I hear people saying that they don't want to involve their family into their business, but you wonder why some people prefer there family in the board of directors in the company. I believe that everything hover around emotional intelligence because you need it if you are to be in business with your family member or non family member.
Emotional Intelligence is needed from both the business owner and the employee or subjects.

 

[Ojonuyo]

What you have said is true and if not properly considered can crash the business.

To prevent this, rules and regulations must be set and apply to everyone including family members. If any one of them violates the business rules, they should face the consequences including your family members.