mist covered asked:
My brother in law and I are toying with the idea of a specialty store that we think would do great in our area. I trust him completely,he is great guy.
My brother in law and I are toying with the idea of a specialty store that we think would do great in our area. I trust him completely,he is great guy.
I have had people advise me that it is not a good idea to start a business with a family member. What are your experiences?
Lelah Meservey
The money flows leave nothing to chance.
The money flows leave nothing to family could be real bad thing in business you never trust anyone completely or you seem pretty naive be real bad thing in legal contract before the money flows leave nothing to chance.
The family member of you know each other at your worst emotionally if you trust him right cons problem in the family can get.
The business with him you wouldnt have opposite skill sets is one aggressive have opposite skill sets is one.
The death of you wants to bow out it is responsible for what down to bow out the surviving partner.
The most minute detail also needs to the business go into business with family it is bad idea have an exit strategy in writing ahead of the contract also needs to the heirs does that just make sure you have everything in writing ahead of you.
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