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So I have a situation im dealing with that I would like feedback on from posters on here .
How would you handle proposing an idea to a relative who has the ability to help you develop a product? I fell this is an important question for those out there looking to bootstrap and have resources close to home.
For example if I had a close relative who is a chemical engineer, micro-biologist, programmer ect. How would you handle proposing the idea to him/her without running into problems down the road. Like him/her thinking they should just take the idea and run with it instead (probably wouldnt happen) or wanting more money than you agreed on, or thinking they have rights to the product since they developed it?
Would you treat them like any other business partner and hand them an NDA or a legally binding contract; as you would with any developer?
Touchy subject for sure as you dont want to ruin the relationship!
Most would say stay away from family in business but we know that just isn’t how it works all the time. Anyone have any sage advice?
Thanks for the opinions!
How would you handle proposing an idea to a relative who has the ability to help you develop a product? I fell this is an important question for those out there looking to bootstrap and have resources close to home.
For example if I had a close relative who is a chemical engineer, micro-biologist, programmer ect. How would you handle proposing the idea to him/her without running into problems down the road. Like him/her thinking they should just take the idea and run with it instead (probably wouldnt happen) or wanting more money than you agreed on, or thinking they have rights to the product since they developed it?
Would you treat them like any other business partner and hand them an NDA or a legally binding contract; as you would with any developer?
Touchy subject for sure as you dont want to ruin the relationship!
Most would say stay away from family in business but we know that just isn’t how it works all the time. Anyone have any sage advice?
Thanks for the opinions!
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