Conventional wisdom tells us never to get into a business venture with family members.. It can cause friction, it is difficult to be objective when you are working with someone close to you. If there is a business issue that is causing unpleasantness it may affect the personal relationship too, etc. All this can leave you with a bad feeling.
It is easy to get into business together but it is hard to get out when things go sour. Yet in this fast-paced era where we are all running against time, we rarely have time to meet friends and family. Keeping in touch with them, maintaining a good relationship with them is necessary – they are our support system. So maybe working together, doing business together is one of the easier and more effective ways of staying in contact with them.
When you are more with your family you laugh more
Working together also brings a lot of benefits to the business – it strengthens the credibility among stakeholders knowing that yours is a family venture. It can improve your relationship and relatives can turn into good friends.
When you are more with your family you laugh more. It gives you the opportunity to be more fearlessly and more openly honest.
Doing business with relatives also brings in a deeper sense of commitment and loyalty. This kind of commitment is almost impossible to generate if you do business with non-family members.
Necessary to maintain a balance at work
But there is a danger that things may not work out. In business there are expectations from your partner and if you feel that you are putting in more time, money, effort then that will come in the way of your working as a team. It is necessary to maintain a balance at work and to avoid any potential conflict or trouble. It may be wise to take some precautions.
1. Be clear about your goals and objectives and ensure that you are in sync with one another so that your decisions align with one another.
2. Assess what your relative is bringing to the partnership in terms of qualifications, credentials, commitment and delineate responsibilities and areas of authority so that there is no confusion between you.
3. Draw up a formal legal agreement between the two of you that covers all aspects of the business including financial terms and also what will happen if either of decides to opt out.
4. When in disagreement with one another, take personal feelings out of decision making and focus on the issue in an objective fashion. In fact keep your personal and professional lives totally separate.
5. Be careful to treat one another with respect and in the same way as you would any other employee or partner. You should neither be too soft nor too harsh – be fair and just and unbiased.
Balance between work and family bonds
You will not agree on everything, you will have arguments and problems but if your values, work ethics, mental attitude, line of thinking are the same, if you are supportive of one another, if you are professional at work, if you do not drag personal issues into the workspace, then it is a great idea to get into business partnership with a relative.
Keep things in perspective and focus on maintaining a good balance between work and family bonds. And the cherry on the cake is that you get to spend a lot more time with someone you care about and wouldn’t have met so often had you not taken this step. .