According to one old saying, it’s a bad idea to mix business with pleasure – but what about mixing business with family? Plenty of people are quick to assume that it’s never a good idea to go into business with a family member, fearing that the pressures and circumstances of the business could negatively impact the relationship, if not destroy it altogether. After all, most have probably heard horror stories of family business ventures gone wrong, resulting in brothers not speaking or fathers suing their own sons. However, even though many would agree that going into business with a family member is a bad idea, there are always exceptions to each general rule.
According to licensed professional counselor Elliott Connie, going into business with a family member can actually be a good idea as long as you do your part to make it a good idea. What does this mean? Under the right circumstances, a business venture with a family member can be successful both financially and emotionally. However, in order for this to happen, people need to choose their business partners wisely. If you’ve got a brother who has never managed to stay at a job for more than a couple of months at a time, then chances are, he’s not going to make a good business partner. At the same time, if you’ve got a sister who is sharp, reliable, and notably hardworking, then a business relationship with her might work out well in the long run.
If a family member approaches you with the idea of starting a company together, then it’s important that you really think about the prospect of going into business with the relative in question before reaching a decision. Think about this family member’s personality and track record, and ask yourself if you really think that a business relationship is going to work. Chances are, you’re intelligent enough to recognize the flaws inherent in your potential business partner that might prevent a financial venture from being a good idea. So it mostly becomes a matter of facing the person in question and being honest about how you feel. You should never feel obligated to agree to something with which you aren’t comfortable simply to avoid hurting a family member’s feelings. Instead, you should communicate openly with the family member and explain why you don’t think the situation is likely to work. The family member might initially be hurt, but hopefully he will come to appreciate your honesty and accept your decision.
On the other hand, it can be a great idea to go into business with a family member if you truly believe that the person in question would make a good business partner. One key component of a successful business relationship is trust, and if trust is something that already exists between you and a certain relative, then you’re already one step ahead of the game. However, Elliott Connie does warn that a good business partnership also involves the ability to take criticism from one another and not allow emotions to cloud your joint decision-making skills. Therefore, when evaluating the idea of a business partnership with a particular family member, you should also ask yourself whether or not you think that person has the ability to be objective about business decisions without allowing feelings to get in the way. At the same time, you should also question your own capacity to do so in terms of your potential partner. If, at the end of the day, you’re confident that you’ll both be able to achieve that perfect separation of business and emotion, then there’s no reason why business-wise, you and a family member wouldn’t be a perfect match.
After all is said and done, the key to making a wise decision about a family-based business venture is logic coupled with honesty. By trusting your instincts about your potential business partner and allowing logic to help dictate your decision, you’ll be doing your part to ensure that business doesn’t get in the way of family, or vice versa.
