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friends and family in business

Discussion in 'General Business Chat' started by CO2, 3rd Oct, 2016.

  1. CO2

    CO2 Member

    Joined:
    3rd Oct, 2016
    Posts:
    6
    Location:
    Brisbane
    Do any of you guys have a strict policy in regards to this? especially during start up phase?

    Do you like to keep everyone at a distance?
     
  2. Simon Hampel

    Simon Hampel Founder Staff Member

    Joined:
    24th Aug, 2016
    Posts:
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    Location:
    Sydney
    I think it depends on the nature of the business and your relationship with your friends/family.

    I was listening to a podcast the other day where they discussed this.

    083: How to Grow and Deepen Friendships (Even When You Work Together) - The Startup Chat with Steli & Hiten

    They were basically saying it comes down to setting the right expectations - so long as you communicate clearly the expectations and be respectful and honest about things, you can make it work - even if you have to fire someone who is a friend.

    "Just set the expectation. Say hey, look. We’re friends. That’s why you’re even here, right? And I’ll say it like that, right, because, like, we’re friends. But, like, you’re just like anybody else that would come and has to do the work. You’re here though because I think you can do it better than other people – right? "

    Exerpt:

     
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  3. d.t.

    d.t. Member

    Joined:
    29th Aug, 2016
    Posts:
    17
    Location:
    Adelaide
    Can be a recipe for both success or disaster; depending on their roles, expectations, how well they work together, etc.

    If the venture overall is unsuccessful then they're likely to start blaming each other which may ruin their relationships.
     
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  4. 2 Dollar

    2 Dollar Active Member

    Joined:
    30th Aug, 2016
    Posts:
    27
    Location:
    Here
    I'd always strongly advise anybody to never mix family of friends with business.
    But just realised my husband & I have accidentally been in business together for 12 years, made a lot of money together too.
     
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  5. Srini Ranganathan

    Srini Ranganathan Active Member

    Joined:
    5th Sep, 2016
    Posts:
    34
    Location:
    Melbourne
    Same here, wife and I are in in together. She is "CEO", I'm "COO" and "CFO". My sister-in-law is our unofficial "CMO".

    So far so good - we are very clear about roles and responsibilities. My wife and I share the ownership within our family trust.

    Even with things like property investing, if you have a partner, it is a partnership. So, I think it can work if you have the right people and right attitude.
     
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