I think my brother and I are going to start a business together...he and I have never really seen eye to eye, but he is really good at what he does. Is this a bad idea, we are going in 50/50 but I have the feeling I am going to be doing more work than him!!
2006-08-28 18:21:01 · 6 answers · asked by O Jam 3 in Business & Finance ➔ Small Business
If you think there may be problems, then maybe you shouldn't do it. Or, just make sure you both know exactly what each is going to do/contribute to the business, write it all out in a contract form, get a lawyer maybe, and the consequences if one doesn't uphold that. What's that saying about family and money? Can't think of it, but it's true. I'd say try and do it on your own if you can. Good luck!!
2006-08-28 18:28:30 · answer #1 · answered by tikitiki 7 · 1⤊ 0⤋
You are already leery of the idea. Your question points out that you never see eye to eye and you seem to think he's going to take advantage of you if you do it by leaving most of the work to you. Would you go into business with this person if he weren't your brother? If I'm going into business with anyone it will be someone I usually do see eye to eye with and will carry his share of the load. Otherwise I would not even think about it.
2006-08-29 01:41:04 · answer #2 · answered by Robert P 5 · 0⤊ 0⤋
Big mistake. During childhood, my dad warned me against going into business with relatives. What did I do? I bought a business from relatives! I thought it was a good deal. I had an oral agreement that they were suppose to sell to me and retire. I sold my home, quit my job and moved 300 miles. I gave them the money from the sell of my home as down payment and we signed legal documents drawn up by an attorney to transfer the business to me. Only problem was, they refused to retire, stayed in the business, and demanded that I pay them a salary. They had no intentions of retiring. I couldn't get them out of the business. Biggest mistake of my life. It ruined my marriage and my entire life. I have never recovered from it. Do yourself a favor... DON"T DO IT!
2013-12-20 07:16:49 · answer #3 · answered by A J 2 · 0⤊ 0⤋
Never go into business with family
This has always been said
My husband and I went against That advice
Went into business with his sister and brother in law
2 years later we had to file bankruptcy because of some of the thing they pulled without our knowledge
2006-08-29 01:55:04 · answer #4 · answered by someone 4 · 0⤊ 0⤋
I think you answered your own question. The cons are you don't agree on things, and you think you will do most of the work. This is a no brainer, don't do it.
2006-08-29 01:46:07 · answer #5 · answered by ne11 5 · 0⤊ 0⤋
no, never...let them buy shares of the company. its better because, your the only boss and or manager of the business
2006-08-29 03:49:46 · answer #6 · answered by hi 2 · 0⤊ 0⤋