Having friends or family in your Business!

[Tina Diaz]

Hi FF Fam,

Hope you are all doing amazing! I am 28, running a recruitment firm that I have started very recently. So much of hustling and hard work, but loving it to the core. So this has always been my strength as well as my weakness in my journey so far. That is, what do you think about having friends and family in business. Sometimes its so great to have people who you have bonded over a long time to get into the ins and outs of your business . But when something goes wrong in the business , it clearly affects everything else as well.

I am so curious to know your point of view on having friends and family in your business, being partners with your friends, bringing in investor from your family! Kindly share your opinions.

 

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[BizyDad]

Hi FF Fam,

Hope you are all doing amazing! I am 28, running a recruitment firm that I have started very recently. So much of hustling and hard work, but loving it to the core. So this has always been my strength as well as my weakness in my journey so far. That is, what do you think about having friends and family in business. Sometimes its so great to have people who you have bonded over a long time to get into the ins and outs of your business . But when something goes wrong in the business , it clearly affects everything else as well.

I am so curious to know your point of view on having friends and family in your business, being partners with your friends, bringing in investor from your family! Kindly share your opinions.

In my personal experience, being partners with friends has worked out well, being in business with family has not.

I think it comes down to everyone's interests being in alignment or not. If you and your partner, regardless of friend or family, see to eye to eye and are trying to head in the same direction for the next 5-20 years, then great! Go for it.

Unless you are a control freak. Then keep yourself at the top, have people working for you. Preferably people that if you fire it won't have lasting impact on holiday dinners...

 

[LateStarter]

In my experience it's been the opposite. Working with friends hasn't gone well but working with my spouse has been great!

Everyone will have a different opinion and experience depending on the partner(s). The general take away should be, if you take on partners, expect the worst and hope for the best. Ensure you'll be able to maintain control of your company should the relationship sour.

 

[DMass]

I’m currently in a really rough position because I went into business with a friend.

Don’t do it.

Keep Business and Personal separate!

 

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[Andy Black]

I love being able to hire our 14 year old for little bits of work. When his brothers get a bit better at video editing I'll give them bits of work too.

 

[Guest-5ty5s4]

I have a job at my family's business with my dad and grandpa. Sometimes it's great and sometimes it sucks. If I wasn't here I would only work for myself or in my own business - couldn't stand having a normal job with some other boss. It's a personality thing. But it all depends on your relationships with people - everyone is different and every relationship is unique, and those relationships are constantly changing and evolving (or devolving! Hopefully not.)