Do you think it's a bad idea to go into business with friends and family?

Answer 1

It can be, whenever there's money involved there can be trouble. Make sure if it's a question of investing money, that it's all legal and tied down by contracts, lawyers etc. so there can be no recriminations later. In a hands- on work situation, if the person you're working with presumes on your friendship/relationship to slack off, take extra time off, or always arrive late etc. because they think you won't yell at them, it can be hard. The same goes for if *you* are "low man on the totem pole"--you may get tired of being bossed around, or they may think they have to be harsher on you than they would on a non-family member or friend, so that the other employees don't think they're playing favourites.
My best friend just opened a shop and I told her if she needed some hired help, to think of me. My husband said it was a bad idea, it could spoil our friendship. I'm willing to chance it but I don't know what would happen in the long run. I suggest you think a lot about the pros and cons before you go into it.

Answer 2

unless it's a family based business that's been established for years....yes it's usually a bad idea. Because family and friends won't be able to maintain the level of professionalism needed to keep a business going. They will expect favoritism and it's just not possible if your business is going to thrive. Especially if one of your relatives or friends can't pull their own weight.

Answer 3

Me, my Mom and My sister dont have a buisness Per se, but we all work for the same company, and we have a right laugh, at the end of the day if you get on with members of your family, i dont see how that would affect you in a buisness capacity, its all about give and take these days, and as long as your honest with each other, share the workload and support each other, i think its great, after all your family are the most important in the whole wide world!

Answer 4

Only if the money you are using is linked to personal property like homes. You don't want each other loosing anything major like a house or a car because of a lose deal or profit. If your funds are seperate from personal issues then its fine.
Just make sure you have a contract stating what each persons role and responsiblities are and how much each person put in to start up the business. If things go sour, you don't want each other or yourself getting screwed.

Answer 5

Yes, because family and friends are more valuable than business!! If for some reason it goes bad, you are risking the relationship! And, although you may have the best of intentions, it will inevitably get personal!!

Answer 6

Husband: We meet our senior year of high school and go to college together. After dating for 5 years, he proposes once we are both out of college. We stay engaged for one year and get married when I'm 21 and he's 22. The ceremony is in fall in the park under a huge willow/oak tree, it was a simple but elegant wedding. He chooses a career as a Physical Therapist/Athletic Trainer for NFL players. Me: I get a job as a Journalist for the local new station, but because I got a full academic scholarship for college, my husband only had to pay for his tuition. So we use the money for my college to pay for the wedding and a small house. I start just doing traffic reports but by the end of the three months I have moved quickly up the ladder to going out and reporting on scene. House: We live in a town house, with four large bedrooms and 3 1/2 bathrooms. The master bedroom is the biggest with a medium sized bathroom. The other rooms are an exercise room, an office and a guest room. Children: We wait one year before having kids. Ariana Catherine: Dirty blonde hair, with natural strawberry tones with light blue eyes, she is quiet but she loves to compete. She plays select volleyball and she is a synchronized diver. Her future career is a PE teacher or a high school Science teacher Liam Justin (2 years younger than Ariana) : He has dark brown hair and dark blue eyes, he is very tall for his age, he loves to play sports especially basketball. He loves to be social and be around people. His future career is a FBI agent. Hayley Laurel: (3 years younger than Liam): Carmel/golden color hair with bright green eyes, she loves to sing and make music. She fluently plays the piano and the guitar, she is confident in her music and her future career is a song writer

Answer 7

generally, yes it's a bad idea. I do, however know one family business where there's very little fighting going on. it's safer not to mix business and pleasure.

Answer 8

Yes

Answer 9

I would hate to dissuade you from anything that may be potentially successful, but I, personally have never had any good experiences when Friends and family entered business relations.

Answer 10

I'm in business with the family... (and thats not a mafia type family thing either)

Family business can be rewarding and very frustrating...

You can choose your friends, but you cant choose your family...