photo credit: Pink Sherbet Photography
When going into business with a family member, there are some good points, but then on the other hand there are many bad points to doing business with family that often times result in the dissolving of the business. Below are the top reasons why it is recommended that you don’t go into business with your family.
- Expectations. In business there are always expectations, but with family usually one member feel’s the other should be doing more or handling more which causes resentment and fighting.
- Family discounts. This quickly becomes a problem as the service provider bends over backwards for their family member at a discounted rate, then this expectation of always getting that same family discount is applied in the future.
- Money in family is evil. If it’s one thing that has been proven to end a family relationship quick in the past, it’s fighting over money. This almost never comes out for the positive.
The Project that Never Ends. Lastly, it becomes exponentially difficult to create a logical “end” to the transaction. The service recipient will likely request the provider’s assistance post transaction, which may begin consume copious amounts of time.
What have you learned from working for family members?