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I'm currently starting my first fastlane adventure and I am going back to my roots as a software developer for that. My general goal is to solve business problems with software solutions (Micro SaaS to be clear). Now to my main question:
My older brother has founded a consulting business in his field (bookkeeping for high profit enterprises) a year ago and they are already quite profitable. Well, we talk almost every two weeks about our businesses (even tough I'm only a freelancer at the moment) and what we have learned and where we've f*cked up, what we did right, etc. He knows about my mindset since I've read TMF and he was quite interested in the "concept" since the first time we've talked about it. He still went the slowlane-route with his business partner and they are trading their time for money. Know he came back to me looking for advice. I have explained the concept behind TMF again and ordered the book for him. Now, I do have kind of a problem:
He knows that I'm going back to my roots and that I'm going to develop software again - this time for my future customers and not an employer, lol. He thought about a Joint Venture or even founding a company together because he has quite some "cool" ideas and has quite some niche knowledge which is highly valuable imho. He is working in an industry which is completely retarded in terms of how they work. Like, people in this field are using 10 year old programs which weren't updated in the last 5 years and having only issues with it, etc. Now, that he has his niche knowledge and maybe one or two solutions to a real problem where people are actually paying for it (even though, the solutions are quite bad imho), there would be a potential joint venture between me and my brother BUT
Is this really a thing I should consider? I mean, doing business with a family member? I only heared bad things about it. Same goes to founding with good friends and so on. On TFF I've read one thread HOT! - $400,000 Business, Need To Dissolve Business Partnership With My Brother and something like that sounds like a complete nightmare. I could be kind of naive and tell myself that this will never happen because our relationship is that strong, but what happens when money is involved? What happens when there are big differences in our opinions regarding certain things?
I would be happy to read some advices.
Thanks in advance
Kind regards
My older brother has founded a consulting business in his field (bookkeeping for high profit enterprises) a year ago and they are already quite profitable. Well, we talk almost every two weeks about our businesses (even tough I'm only a freelancer at the moment) and what we have learned and where we've f*cked up, what we did right, etc. He knows about my mindset since I've read TMF and he was quite interested in the "concept" since the first time we've talked about it. He still went the slowlane-route with his business partner and they are trading their time for money. Know he came back to me looking for advice. I have explained the concept behind TMF again and ordered the book for him. Now, I do have kind of a problem:
He knows that I'm going back to my roots and that I'm going to develop software again - this time for my future customers and not an employer, lol. He thought about a Joint Venture or even founding a company together because he has quite some "cool" ideas and has quite some niche knowledge which is highly valuable imho. He is working in an industry which is completely retarded in terms of how they work. Like, people in this field are using 10 year old programs which weren't updated in the last 5 years and having only issues with it, etc. Now, that he has his niche knowledge and maybe one or two solutions to a real problem where people are actually paying for it (even though, the solutions are quite bad imho), there would be a potential joint venture between me and my brother BUT
Is this really a thing I should consider? I mean, doing business with a family member? I only heared bad things about it. Same goes to founding with good friends and so on. On TFF I've read one thread HOT! - $400,000 Business, Need To Dissolve Business Partnership With My Brother and something like that sounds like a complete nightmare. I could be kind of naive and tell myself that this will never happen because our relationship is that strong, but what happens when money is involved? What happens when there are big differences in our opinions regarding certain things?
I would be happy to read some advices.
Thanks in advance
Kind regards
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