Family and business?

[Janita]

Maintaining family and business both are not easy to continue in a time because there are some great and personal issues which affect the business ,but only those can continue who don't have problems in their family.But less people got success doing this so ,so i think we should not start business in family.

 

[Sammyesx]

If it is a parent and children partnership then I don't think there should be much problem, because normally as a child you tend to listen to your parents instructions even if it is against your own conviction, when it comes to the issue of housing then there should be an agreement.

 

[Nimra Noor]

Yes you are quite right we should not try to business with a close relative or family because we can't say them anything and if we say them then may be it will cause of family fights and these type of issue so I start my business then it really shouldn't be with my family member

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.

 

[Adventurer]

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.

Very true, I don't like to mix business with pleasure, most times emotions can get in the way and make things complicated. I know of someone who employed his nephew and he was stealing from him this caused bad blood within the whole family.

 

[marky]

Clearly there will be acceptable and terrible impact from being presented to innovation at a youthful age, for me the great out ways the awful, your child could master most popular expertise that would promise him/her a steady type of revenue, however in the event that they are not appropriately observed they would be open to indecencies at an extremely youthful age that might actually hurt their future.

 

[Seyesystem]

In family business there must be legal documentations of how the business will operate.In business it's good to separate family from business and even in business concept the owner is separated from the business. For any business to be successful you must separate yourself and family from the business. If the owner and his family are not separated from the business there is tendency of the business to failed. There must be boundaries in business. Business is business and family is family.

 

[Abbas ali]

Starting a business can be an exciting but challenging experience. Going into business with your family members or adding someone from your family to your team after you expand can seem like a good idea on the surface since you may feel like you can trust them more and be more comfortable around them

 

[Kehinde]

A family business is a commercial organization in which decision-making is influenced by multiple generations of a family, related by blood or marriage or adoption, who has both the ability to influence the vision of the business and the willingness to use this ability to pursue distinctive goals.

 

[Defaith]

family business is not a good idea and it's usually bring issue to the family. doesn't bring settlement to the family. if you are to start up a business never involved family, get people outside to work for you that's when you will have peace in your business. in family business that is where you have many dictators everybody wants to be the leader they want to be the one to be the boss and that will usually be bringing problem to the business and it will affect the business

 

[Naina]

I think family busniss is not good because you face many problems . when you start your busniss in family member as you face many legal problems they effect in your relationship.

 

[sam386150]

For me family business is not a problem the problem is how you are how you control the business how you manage it and I know family business is a kind of risk so you should be able to bear it if you involve yourself

 

[Psalmsavatar]

For a business to succeed, a line must be drawn between business and family. If family will come in, it should not be in a managerial capacity but as an individual who will be subjected to supervision.

 

[Caali]

They expect more than your worth. They expect you to do it their way instead of the way your business was built on. They expect favors because they are family. I never do business with family. If I want a headache I will go do business

 

[Greatguy1]

The major issue is clash of interest. Everyone is having a selfish agenda they are pushing which tend to clash with others. The best alternative would be to get an independent management to run the family business devoid of family members and conflict of interest. Some family businesses have employed this model to stay relevant for generations like Ford motors.

 

[Godleads1]

From the experience of people, family members do not handle the duty or Job the way it's meant to be handled it and may require that the boss (their family member) shouldn't say anything about it or take any action.

 

[Ifective]

Dragging family members with your business can be quite disadvantageous. They could pose a lot of problem to your business. Some family members find it hard to return loans borrowed based on familiarity. Also, when you put a relative in charge of a business, it might not be serious with it because he feels there is nobody to check him

 

[Godleads1]

From the experience of people, family members do not handle the duty or Job the way it's meant to be handled it and may require that the boss (their family member) shouldn't say anything about it or take any action
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From the experience of people, family members do not handle the duty or Job the way it's meant to be handled it and may require that the boss (their family member) shouldn't say anything about it or take any action

 

[Lekan]

Family and business are both important to us then .people usually said family and business are not the same but sometime I prefer you should use your family to do the director of your business because the person you use to do the director we have the opportunity to have good God even if his embezzle your money is still good they one person from out side should be stilling your money.

 

[Tariq Shehzad]

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.

of course you are saying very well that doing business with your family members creates some hurdles and obstacles for the business. Because there is no difference among them as a business owner and employee.

 

[Nathaniel]

Family and business
This is a serious issue to handle but in most cases it's a very very very bad idea involving family into business because of the case of sorting out differences