Since you've asked for experiences and thoughts here are mine...
I've started 3 different businesses with "friends" and would at the very least recommend a 51/49 split. Someone needs to have the final say and it needs to be agreed upon by both partners who that person is.
Out of the 3 businesses I got rid of my first partner because he wasn't doing enough (this took me forever and wasted years of my life), my second partner I caught stealing and I ended things, and the current and third partner is lacking the drive to keep up. All of these have some of my own issues wrapped up in them, it wasn't all their fault but I also had to learn how to be a good partner myself, mostly communicating my needs and the needs of the company so they could understand. Having the same end goals and a road map for who will be doing each step of the way is important to keep everyone accountable.
I've hired my sister as our financial controller and she's one of my favorite employees. She has the same mindset as I do and I can trust her 100% with the money. She also has a financial background so it's a good fit. If employees have clearly defined KPI's that align with the company's goals, it makes it very easy to manage and it doesn't matter as much if they're family. Honestly family should be working harder than anyone else to prove that there's no special treatment going on and because they care. If they don't it's probably not a good fit.
I've started 3 different businesses with "friends" and would at the very least recommend a 51/49 split. Someone needs to have the final say and it needs to be agreed upon by both partners who that person is.
Out of the 3 businesses I got rid of my first partner because he wasn't doing enough (this took me forever and wasted years of my life), my second partner I caught stealing and I ended things, and the current and third partner is lacking the drive to keep up. All of these have some of my own issues wrapped up in them, it wasn't all their fault but I also had to learn how to be a good partner myself, mostly communicating my needs and the needs of the company so they could understand. Having the same end goals and a road map for who will be doing each step of the way is important to keep everyone accountable.
I've hired my sister as our financial controller and she's one of my favorite employees. She has the same mindset as I do and I can trust her 100% with the money. She also has a financial background so it's a good fit. If employees have clearly defined KPI's that align with the company's goals, it makes it very easy to manage and it doesn't matter as much if they're family. Honestly family should be working harder than anyone else to prove that there's no special treatment going on and because they care. If they don't it's probably not a good fit.