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Starting a business isn’t an easy venture. It takes planning, money, money and money. Did we say money? Well it takes that an hundred of other things to turn a start-up dream into a real life business. In an effort to save money, and surround themselves with people they trust, a person will ask for the assistance of family.
That’s always a terrible idea.
You should never go into business with family. There are countless real-life examples of why it’s an awful idea, and if you’re on the fence about teaming up with a brother, sister, cousin, uncle, parents, or anyone with a hint of blood relation, you might want to rethink things based on these reasons.
There’s Already Baggage
If two people go into business together, even if there’s a shared personal bond, the crux of the relationship is business. Personal feeling never equal success. When going into business with family it’s almost impossible to not let personal issues creep into the equation.
Does your brother really not like your marketing idea or is he pissed because you’re not bringing the family over for Easter? Does your brother-in-law not like the office space you picked out or does he not like the fact his mom might like you more than she does her own son?
Work Never Takes A Break
When starting a company, countless hours are devoted to building it from the ground up, but with anything there are breaks needed to avoid going absolutely insane. Those breaks usually come in the form of downtime with the family. It’s hard to have downtime with the family when the family is part of the business.
If your partner in bed is also your partner in business, the talk of business NEVER goes away. If you’re hanging out at a BBQ, your uncle is GOING to ask how his investment is coming along. You know, that business you’re launching!
With family members as business partners, there will be no mixing business with pleasure because there will be no pleasure. It will be business 24/7.
Money Makes People Do Crazy Things
Ask anyone estranged from their family what happened and nine times out of ten it has to do with money: who’s got it, who wants it, who died and left it to who and who owes who a ton of it.
Making money will turn family into foes. Losing money will definitely turn family into foes.
If you think we’re joking, at the next family function, toss a hundred-dollar bill in the middle of the room and see how Uncle Joe Bob and your sweet Grammie react. That old lady will chew your face off for that cash.
You Give Them Way Too Much Credit
It’s easy to fall into the trap of thinking family can accomplish anything. That’s because family usually only shares successes with one another.
Every time you fail miserably at something, do you tell your mom or dad? Not unless you’ve got to. It’s easy to assume your brother would make a great partner, look how great he’s doing at work! Well, you think he’s doing great, based on everything he’s told you.
What does he do for a living? You’ve got no idea.
If It Succeeds, Or Fails, There Will Be Issues
If you launch the most popular app of the year, congrats! You’ve got a ton of extra issues coming. If your app was a massive failure, we’re sorry to hear it, but you’ve also got a ton of extra issues coming.
In either of those scenarios, it’s best that family isn’t involved.